Key Financial Updates and Deadlines for July 2026
As the month of July 2026 begins, several significant financial updates are set to impact various segments of the population. These changes range from tax filing deadlines to new features in banking services, making it essential for individuals and businesses to stay informed.
1. ITR Filing Deadlines
The Income Tax Return (ITR) filing deadline for the Assessment Year 2026-27 is set for July 31, 2026, for taxpayers filing ITR-1 and ITR-2. This includes most salaried individuals and Hindu Undivided Families (HUFs) whose accounts do not require an audit. Missing this deadline could result in penalties, additional interest on unpaid taxes, and limitations on carrying forward eligible losses. For non-audit businesses and professionals filing ITR-3 or ITR-4, as well as those under tax audit provisions, the deadline is August 31, 2026.
2. PF Withdrawals via UPI
The Employees' Provident Fund Organisation (EPFO) is preparing to launch a facility allowing subscribers to withdraw provident fund money directly through the Unified Payments Interface (UPI). This feature, part of EPFO 3.0, will make withdrawals quick and hassle-free. The UPI-based PF withdrawal is expected to start in July 2026.
3. Dearness Allowance (DA) Revision
Dearness Allowance (DA) is anticipated to be revised in July. The government revises DA twice a year, once in March and again in September/October. Millions of central government employees and pensioners are waiting for an increase in DA, which serves as a financial buffer against inflation and helps maintain purchasing power.
4. HDFC Bank Credit Card Benefits
Starting July 1, HDFC Bank Regalia Gold Credit Card users will need to meet new quarterly spending thresholds to retain complimentary domestic airport lounge access. Eligible cardholders must spend at least Rs 60,000 in the previous calendar quarter to qualify for complimentary domestic airport lounge access in the next quarter.
5. SBI Card Reward Point Caps
SBI Card has announced changes to the reward point program for PhonePe SBI Card Purple and PhonePe SBI Card Select Black variants, effective July 2026. Monthly caps on reward points earned through various spending categories will be imposed, with separate limits for insurance-related spending and other expenditure categories.
6. Commercial LPG Cylinder Prices
Oil Marketing Companies (OMCs) have reduced the rates for 19-kg commercial LPG cylinders, effective from July 1. The cost of a 19-kg commercial cylinder in Delhi now stands at Rs 2,930, down from the previous price of Rs 3,113.50. However, the price of domestic gas remains unchanged.
7. Aadhaar Email Update for Free
The Unique Identification Authority of India (UIDAI) has waived charges for updating email addresses through the Aadhaar mobile application from July 1. Previously, the update was charged at Rs 75, but this service will now be free for six months, from July 1, 2026, to December 31, 2026.
8. RBI Draft Guidelines on Financial Products
The Reserve Bank of India (RBI) has introduced draft guidelines that aim to change how banks sell financial products like insurance and investment schemes. Starting July 1, 2026, these rules will bring more transparency, clearer consent, and fewer surprise add-ons. Banks will no longer be able to justify mis-selling just by having a signature on a form.
9. Passport Fees Hike
The Ministry of External Affairs (MEA) has announced an increase in the fee for Indian passports. The charges for a normal application for a fresh 36-page passport or renewal for adults have been raised from Rs 1,500 to Rs 2,500. Similar increases have been made for 60-page passports and those under the Tatkaal scheme.
10. Small Savings Scheme Interest Rates
The government has kept interest rates on all small savings schemes unchanged for the July-September quarter. The rates applicable from July 1 to September 30, 2026, will remain the same as those notified for the April-June quarter.
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