Several important financial adjustments will take effect on July 1, 2026, affecting a wide range of individuals including taxpayers, Aadhaar cardholders, passport applicants, credit card users, and bank customers. These changes aim to streamline services, adjust costs, and strengthen consumer protections in the financial sector.
One notable update concerns income tax return filings. Taxpayers submitting ITR-1 and ITR-2 forms for the financial year 2025-26 (corresponding to assessment year 2026-27) must complete their submissions by July 31, 2026. Failing to meet this deadline may result in penalties, restrictions on selecting certain tax regimes, and limitations on carrying forward eligible losses to subsequent years.
In a consumer-friendly move, updating the registered email address on an Aadhaar card through the official mobile application will become free of charge starting July 1. The waiver of the previous Rs 75 fee will apply for six months, until December 31, 2026, making it easier for holders to keep their details current.
Credit card users will also see modifications. SBI Card is revising its reward points program for specific PhonePe-linked cards, including the PURPLE and SELECT BLACK variants. The updates introduce new monthly caps on reward earnings for certain spends, such as PhonePe transactions and online purchases, along with an expanded list of categories that no longer qualify for points, including items like insurance, tolls, jewellery, and some utilities.
HDFC Bank credit cardholders seeking complimentary airport lounge access will face new eligibility criteria. From the July-September 2026 quarter onward, customers can enjoy up to three free domestic lounge visits per calendar quarter only if they spent at least Rs 60,000 in the previous quarter. This spend-based requirement will apply consistently moving forward.
Passport services are becoming more expensive, with revised application fees for both standard and Tatkaal categories. A fresh or reissued 36-page passport will now cost Rs 2,500 (up from Rs 1,500), while a 60-page version rises to Rs 3,500 (from Rs 2,000). Tatkaal fees will increase to Rs 5,000 for 36-page and Rs 6,000 for 60-page passports. These adjustments apply to applications in India and overseas.
Finally, the Reserve Bank of India is introducing a new framework to address the mis-selling of financial products by banks. Effective July 1, affected customers will be eligible for full refunds and compensation for any resulting losses, aiming to enhance transparency and accountability in banking practices.
These updates highlight ongoing efforts to balance service improvements, cost adjustments, and stronger safeguards for consumers. Individuals are advised to review how these changes may personally apply and plan accordingly.