As July begins, several important financial and administrative changes are set to take effect from July 1, 2026. These updates cover income tax filing, passport charges, Aadhaar services, banking regulations and credit card reward programmes, potentially impacting millions of people.
Income Tax Return Filing Deadline Approaching
Taxpayers using ITR-1 and ITR-2 forms for the Financial Year 2025–26 (Assessment Year 2026–27) should note that the deadline for filing Income Tax Returns is July 31, 2026.
Failure to file within the prescribed time could result in penalties. It may also limit certain tax-related options, including the selection of specific tax regimes and the ability to carry forward eligible losses to future assessment years.
Passport Application Fees Increased
Passport-related services will become more expensive from July 1 following a revision of fees by the Ministry of External Affairs.
Under the revised fee structure, the cost of obtaining or renewing a standard 36-page passport has been increased to Rs 2,500. The Tatkaal fee for the same service has been raised from Rs 3,500 to Rs 5,000.
For a 60-page passport, the regular application fee has increased from Rs 2,000 to Rs 3,500, while the Tatkaal charge has gone up from Rs 4,000 to Rs 6,000.
The revised rates apply to both fresh passport applications and related passport services in India and abroad.
Aadhaar Email Updates Now Free
In a relief for Aadhaar holders, the Unique Identification Authority of India (UIDAI) has waived the Rs 75 charge for updating a registered email address through the Aadhaar mobile application.
The exemption will remain in effect from July 1, 2026, until December 31, 2026, and is intended to encourage users to keep their Aadhaar information updated.
RBI Introduces Protection Against Mis-Selling
The Reserve Bank of India (RBI) is implementing a new framework aimed at protecting consumers from the mis-selling of financial products by banks.
Under the new regulations, customers who are sold unsuitable financial products through unfair or misleading practices will be eligible for a full refund. They may also receive compensation for any financial losses resulting from such transactions.
The framework comes into force on July 1, 2026, and is designed to strengthen consumer rights within the banking sector.
SBI Card Updates Reward Point Rules
SBI Card has announced revisions to the reward point structure for certain PhonePe SBI Credit Cards.
The changes will apply to the PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK from July 1, 2026.
Under the revised programme, limits on earning reward points have been modified, and additional categories of transactions will no longer qualify for reward points.
Cardholders are advised to review the updated reward terms to understand how the changes may affect their benefits and earnings.
Key Takeaway
July 1, 2026, marks the implementation of several significant changes affecting taxation, identity services, banking protections, passport applications and credit card rewards. These updates could have a direct impact on personal finances, making it important for individuals to stay informed and prepared for the new rules.
