A host of financial updates are scheduled to take effect from July 1, 2026, with implications for taxpayers and consumers alike. These span income tax filing, Aadhaar services, passport charges and banking, including revisions for SBI and HDFC Bank credit card users.
Deadline For ITR-1 And ITR-2 Returns
The last date to file ITR-1 and ITR-2 returns for FY 2025-26 (AY 2026-27) is July 31, 2026. Taxpayers who miss the cut-off may face financial penalties, lose access to specific tax regime options and forfeit the ability to carry forward qualifying losses for future tax assessments.
No Charge For Aadhaar Email Updates Until Year-End
The Unique Identification Authority of India (UIDAI) has introduced a temporary fee waiver for updating the email address associated with an Aadhaar card. Effective from July 1, 2026, the standard Rs 75 fee has been scrapped for six months, meaning users can avail it free until Dec. 31, 2026.
SBI Card Updates Benefits For PhonePe Credit Card Users
Cardholders using the PhonePe SBI Credit Card PURPLE and SELECT BLACK will see changes to their reward point benefits from July 1, 2026. SBI Card has introduced fresh limits on the number of reward points that can be earned, alongside a wider range of transactions excluded from the rewards programme.
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HDFC Bank Introduces Spending Threshold For Lounge Benefits
Credit card holders with HDFC Bank will have to satisfy a quarterly spending target to continue receiving complimentary domestic airport lounge access. Effective from July 1, 2026, customers must spend at least Rs 60,000 in the preceding three months to qualify for three free lounge visits in the next calendar quarter.
Revised Passport Fee Structure
The Ministry of External Affairs has announced higher passport service fees from July 1, 2026. The revised charges will apply to normal and Tatkaal passport applications processed in India as well as through Indian embassies and consulates abroad.
RBI Introduces Stricter Rules To Tackle Mis-Selling
The Reserve Bank of India (RBI) has rolled out a new framework aimed at preventing banks from mis-selling financial products. Effective from July 1, 2026, customers who are found to have been sold unsuitable products will be eligible for a full refund, along with compensation for any financial losses incurred.
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