Rules Changing From July 1, 2026: Several significant financial and policy changes have come into effect across the country starting July 1. These changes will directly impact income tax, the salaried class, pensioners, bank customers, and international travelers. Major updates have been introduced regarding everything from LPG cylinder prices and passport fees to EPFO ​​services, Aadhaar rules, and credit card benefits. Here is a detailed overview of these changes to help you avoid any inconvenience and plan your budget more effectively.

1- Commercial LPG cylinder price reduced; domestic rates remain unchanged

The government has reduced the price of the 19 kg commercial LPG cylinder by ₹183.50, effective July 1. This provides significant relief to hotels, restaurants, and commercial establishments. Following this reduction, the price of a commercial cylinder in Delhi has dropped from ₹3,113.50 to ₹2,930. However, there has been no change in the price of the 14.2 kg domestic LPG cylinder. This price cut follows several sharp increases in commercial LPG rates during the first half of 2026.

2- ITR filing deadline for FY 2025-26

Taxpayers must pay close attention to the deadlines for filing Income Tax Returns (ITR). For individual taxpayers filing ITR-1 and ITR-2 forms for the financial year 2025-26 (assessment year 2026-27), the last date to file the return is July 31, 2026. Taxpayers filing ITR-3 and ITR-4—who are not subject to a tax audit—have until August 31, 2026, to submit their returns. Missing the deadline could result in penalties, restrictions on choosing a tax regime, and the loss of the facility to carry forward losses.

3- EPFO ​​3.0: Buzz around UPI-based PF withdrawals

The long-awaited EPFO ​​3.0 platform is being launched to modernize the digital infrastructure of the Employees' Provident Fund Organisation (EPFO). Under this initiative, EPF subscribers are expected to gain the facility to withdraw funds instantly via UPI platforms.

4- Significant hike in passport fees

The government has revised passport application fees by amending the Passport Rules, 1980. These changes came into effect on July 1. The fee for a new standard 36-page passport has been raised from ₹1,500 to ₹2,500. In the same category, the 'Tatkaal' (expedited) fee has increased from ₹3,500 to ₹5,000. Fees for 60-page passports and for replacing lost or damaged passports have also been hiked. Senior citizens and children under the age of 8 will continue to receive a 10% discount on new applications.

5- Free email updates for Aadhaar

The Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating a registered email address via the official Aadhaar mobile app. This free service will be available from July 1, 2024, to December 31, 2026.

6- RBI cracks down on misselling; telemarketing hours regulated

The Reserve Bank of India (RBI) has introduced strict regulations to curb the misselling of financial products by banks and to protect customers. Customers will be entitled to refunds and compensation if products are sold to them without proper consent or through misleading methods. Banks have been instructed to restrict telemarketing and promotional calls to the hours between 9 AM and 6 PM.

7- HDFC Bank revises credit card reward and lounge rules

HDFC Bank has modified the reward point structure and travel benefits for its Regalia Gold and Diners Club Privilege credit cards. Changes related to reward calculations have already been implemented, while revised terms regarding airport lounge access came into effect on July 1. Under the new rules, Regalia Gold cardholders must spend a minimum of ₹60,000 in the preceding quarter to avail of complimentary domestic airport lounge access.

8- SBI Card imposes a cap on reward points

SBI Card has announced changes to the terms for two of its variants: the PhonePe SBI Card Purple and the PhonePe SBI Card Select Black. Effective July 1, the company will impose a monthly cap on the reward points earned by customers. Separate limits will apply to insurance-related expenses and spending in other categories. The maximum reward points available on online transactions have also been reduced.

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