July 1 Brings Changes To ITR Filing, Aadhaar, Credit Cards And Passports

New Delhi, Jun 30 (KNN) Several financial and regulatory changes will come into effect from July 1, 2026, impacting taxpayers, bank customers, credit card users, passport applicants and Aadhaar holders.
 
Income Tax Return filing deadline
 
Taxpayers filing ITR-1 and ITR-2 for the Financial Year 2025-26 (Assessment Year 2026-27) will be required to submit their income tax returns by July 31, 2026, reported Economic Times.
 
Missing the deadline could attract penalties, restrict the choice of certain tax regimes and affect the ability to carry forward eligible losses to future assessment years.
 
Free Aadhaar email update
 
The Unique Identification Authority of India (UIDAI) will waive the Rs 75 fee for updating the registered email address through the Aadhaar mobile application from July 1 to December 31, 2026.
 
The move is aimed at encouraging Aadhaar holders to keep their contact details updated at no additional cost.
 
SBI Card reward programme revised
 
SBI Card will revise the reward points programme for select PhonePe SBI Credit Cards from July 1.
 
The changes apply to PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK, introducing new limits on reward point earnings and expanding the list of transactions that will not qualify for reward points.
 
HDFC Bank lounge access linked to spending
 
HDFC Bank will introduce spend-based eligibility for complimentary domestic airport lounge access on eligible credit cards.
 
Cardholders will be entitled to three complimentary lounge visits per calendar quarter only if they have spent at least Rs 60,000 in the preceding quarter.
 
Passport fees revised
 
The Ministry of External Affairs will revise passport application charges from July 1 for both normal and Tatkaal passport services in India and overseas.
 
RBI's new mis-selling framework
 
The Reserve Bank of India (RBI) will implement a new framework to curb the mis-selling of financial products by banks.
 
Under the new rules, customers found to have mis-sold financial products will be entitled to a full refund along with compensation for any financial losses suffered.
 
(KNN Bureau)