Financial Changes From July 1, 2026: What You Need to Know
Financial Changes From July 1, 2026: What You Need to Know
July 1, 2026 will bring with it a number of new financial regulations. These changes will have an impact on taxpayers, bank customers, credit card users, passport applicants and Aadhaar holders.
1. Income Tax Return (ITR) Filing Final Date
The last date to file your ITR-1 or ITR-2 for Financial Year 2026-27 (Assessment Year 2027-28) is 31st July, 2027.
Missing the deadline can mean a penalty, loss of some tax benefits and inability to carry certain losses forward to future years.
2. Free Aadhaar email update
From 1st July to 31st December 2026, you can update your Aadhaar registered email address free of cost through Aadhaar mobile app. This service normally costs Rs 75.
3. SBI Card reward points change
SBI Card is changing its rewards program for PhonePe SBI Credit Card PURPLE and SELECT BLACK users.
Starting July 1, there will be limits on how many reward points you can earn and some transactions will no longer earn reward points.
4. Entry to HDFC Bank airport lounges
HDFC Bank credit cardholders can avail three complimentary domestic airport lounge visits in a quarter provided they have spent a minimum of Rs 60,000 in the previous quarter.
For example, if you want to enjoy this benefit from July to September 2026, you should have spent Rs 60,000 or more between April and June 2026.
5. Passport fees will go up
Passport fees will increase from July 1. The new charges will be applicable for normal and Tatkaal passport services both in India and abroad.
6. RBI’s new rules to stop mis-selling
The Reserve Bank of India (RBI) is introducing new rules to prevent banks from selling financial products unfairly.
If a bank mis-sells a financial product to a customer, the customer will be eligible for a full refund and compensation for any financial loss.