From ITR Filing To Passport Fees, 6 Financial Changes Taking Effect From July 1

Starting July 1, 2026, several important financial changes will come into effect across India, affecting taxpayers, bank customers, credit card holders, passport applicants and Aadhaar users. From the countdown to the Income Tax Return (ITR) filing deadline to higher passport fees and revised credit card benefits and new RBI rules to curb mis-selling, these updates could have a direct impact on your finances. Here's a look at six key changes taking effect this month.

1. ITR Filing Deadline Countdown Begins

July 1 marks the start of the final month for filing Income Tax Returns (ITR-1 and ITR-2) for FY 2025-26. The deadline is July 31, 2026. Missing the due date can attract a late fee of up to Rs 5,000 for taxpayers with annual incomes above Rs 5 lakh, while those earning up to Rs 5 lakh may have to pay a penalty of Rs 1,000.

Filing late could also limit your ability to choose certain tax regimes and carry forward eligible financial losses.

2. Updating Aadhaar Email ID Is Free Till December

The Unique Identification Authority of India (UIDAI) has waived the Rs 75 fee for updating your registered email address. The service will remain free from July 1 to December 31, 2026.

The waiver is available only for updates made digitally through the official Aadhaar mobile app.

3. Passport Fees Go Up

Applying for a passport will now cost more after the Ministry of External Affairs revised charges under the Passports (Amendment) Rules, 2026.

The fee for a standard 36-page passport has increased from Rs 1,500 to Rs 2,500, while the 60-page booklet now costs Rs 3,500 instead of Rs 2,000. Tatkaal passport charges have also been raised, with the 36-page booklet priced at Rs 5,000 and the 60-page version at Rs 6,000.

4. RBI Tightens Rules Against Mis-Selling

The Reserve Bank of India has introduced a stricter framework to protect customers from being mis-sold financial products by banks.

Under the new rules, customers who are sold products without proper consent or through misleading practices will be eligible for a full refund and compensation for any financial losses. Banks must also restrict promotional and telemarketing calls to between 9 am and 6 pm.

5. HDFC Bank Revises Airport Lounge Access

HDFC Bank has changed the eligibility criteria for complimentary domestic airport lounge access on select credit cards.

To receive three free lounge visits in a calendar quarter, cardholders must spend at least Rs 60,000 in the previous quarter. For example, spending between April and June 2026 will determine eligibility for lounge access between July and September.

6. SBI Card Updates Reward Point Rules

SBI Card has revised the reward points structure for its PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK.

The changes introduce monthly caps on reward points and expand the list of transactions that will no longer earn rewards, reducing the overall benefits for some cardholders.