July 1 Financial Updates: ITR, Aadhaar, Passport, Credit Card Changes

Key Financial Updates Effective from July 1, 2026

As the new month begins, several financial and regulatory changes have come into effect. These updates affect various aspects of financial life, including tax filings, Aadhaar updates, passport fees, and credit card rules. Understanding these changes can help individuals avoid unnecessary charges and make informed financial decisions.

Passport Fee Hike: Centre Raises Charges from July 1

The Central Government has revised the fees for passport applications, effective from July 1, 2026, under the Passports (Amendment) Rules, 2026. According to the Ministry of External Affairs (MEA), a fresh ordinary passport or reissue of a 36-page passport will now cost Rs 2,500, while a 60-page passport will cost Rs 3,500.

For applicants using the Tatkaal scheme, the fees have also increased. A 36-page passport issued through Tatkaal will now cost Rs 5,000, and a 60-page passport will be priced at Rs 6,000. Additionally, the fee for a replacement 36-page passport under the Tatkaal scheme has been raised to Rs 7,500, while a 60-page replacement passport will cost Rs 8,500.

Free Aadhaar Card Update

From July 1, 2026, the Unique Identification Authority of India (UIDAI) has made it free to update the registered email address linked to an Aadhaar card. The usual Rs 75 update fee has been waived for a limited period, allowing users to access this service at no cost until December 31, 2026.

According to an official notification, "It has been decided to waive the charges (i.e., Rs 75) for availing the service of email address update through the Aadhaar mobile application and make it free of cost for a period of six months with effect from July 1, 2026, to December 31, 2026."

ITR-1, ITR-2 Deadlines

For taxpayers filing ITR-1 and ITR-2 forms, the due date for filing returns for the Financial Year 2025-26 (Assessment Year 2026-27) is July 31, 2026. Missing this deadline could lead to penalties, restrictions on choosing certain tax regimes, and limitations on carrying forward eligible losses to future assessment years.

SBI Credit Card Changes

SBI Card has announced changes to the reward point programme for select PhonePe SBI Credit Cards. These changes will take effect from July 1, 2026. The revision affects both PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK cardholders, as new limits on earning reward points and a broader list of transactions that won't earn reward points have been introduced.

HDFC Credit Card Changes

Effective July 1, 2026, HDFC Bank credit card holders can enjoy up to three complimentary domestic airport lounge visits every calendar quarter. To qualify for this benefit, cardholders must spend at least Rs 60,000 in the immediately preceding calendar quarter.

RBI's New Rules to Curb Mis-Selling by Banks

The Reserve Bank of India (RBI) has introduced a new framework to protect customers from the mis-selling of financial products by banks. Under the new rules, customers who are sold unsuitable financial products through unfair practices will be entitled to a full refund. They may also receive compensation for any financial loss caused by mis-selling.

This new framework comes into effect from July 1, 2026, and is expected to strengthen consumer protection in the banking sector.

Additional Updates

• GST Appeal Filing Deadline Extended: The government has extended the deadline for filing GST appeals until July 31, 2026, following stakeholder concerns.
• Stay Informed: Keep track of the latest developments in business news, stock market updates, IPO announcements, company news, and personal finance updates. Access live share market data, mutual funds, and the latest news events in real time.

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