Several important financial changes will come into effect from July 1, 2026, impacting millions of people across India.  The new rules will affect taxpayers, bank customers, credit card users, passport applicants and Aadhaar card holders. Here's a look at the key changes.

ITR filing deadline

Taxpayers filing their Income Tax Returns using ITR-1 and ITR-2 forms for FY 2025-26 (AY 2026-27) must submit their returns by July 31, 2026.

Missing the deadline could attract penalties, restrict tax regime choices and limit the ability to carry forward eligible losses.

Free Aadhaar email update

From July 1, the Unique Identification Authority of India (UIDAI) has made Aadhaar email address updates free for six months.

The service, which usually costs ₹75, will remain free until December 31, 2026, for updates made through the Aadhaar mobile application.

SBI credit card changes

SBI Card has revised the reward point structure for select PhonePe SBI credit cards.

The changes apply to PhonePe SBI Credit Card PURPLE and SELECT BLACK users, with new limits on reward earnings and an expanded list of transactions that will not earn reward points.

HDFC Bank lounge access rules

HDFC Bank has revised airport lounge access benefits for select credit card holders.

From July 1, customers will be eligible for three complimentary domestic lounge visits per quarter only if they have spent at least ₹60,000 in the previous quarter, making lounge access spend-based instead of automatic.

Higher passport fees

Passport services will become more expensive from July 1.

The Ministry of External Affairs has increased the fees for both normal and Tatkaal passport services in India and at Indian missions abroad. Applicants planning to apply for or renew passports should be prepared for higher charges.

RBI's stricter rules against mis-selling

The Reserve Bank of India (RBI) has introduced stricter regulations to curb the mis-selling of financial products by banks.

Under the new rules, customers who are mis-sold financial products will be entitled to a full refund and compensation for any losses suffered. The move aims to strengthen consumer protection and improve transparency in the banking sector.