New Rules From July 1: 6 Financial Changes To Impact You! ITR, Aadhaar, Passport, Credit Cards, Bank Accounts

The month of July is just at the doorstep with a host of new changes to swing your financial budget. New rules have been declared for income tax return filings, Aadhaar updates, passport applications, credit cards, and the RBI's new mis-selling guidelines for banks. All of these changes will impact your finances and expenses in July 2026. Let's take a deeper dive into what the key changes are in July 2026.

1. ITR Filing Deadline For July 2026:

Generally, the deadline for filing an income tax return (ITR) is fixed on July 31 every year. However, for Assessment Year 2026-27, there are several changes in the ITR filing dates depending on the ITR forms. In short, the July deadline map for ITR has been redrawn.

Now, salaried individuals liable to file income tax return forms ITR1 and ITR2 must complete the process by July 31, 2026. These salaried individuals have income from other sources along with their income earned for the financial year 2025-26.

Salaried individuals with income upto Rs 50 lakh should file ITR1 form, while individuals with capital gains, income from house property, pensions, foreign income, agriculture income, etc. should file ITR2 form.

But the deadline to file ITR3 and ITR4 has been revised to August 31, 2026. ITR3 forms are filed by companies, businesses, partnership firms and charitable trusts among others. ITR4 forms are filed by individuals or companies whose income is above Rs 50 lakh.

Failing to file your ITR on time could lead to penalties.

2. Aadhaar Update Becomes Free

With effect from July 1, 2026, the UIDAI has waived off the Rs 75 fee imposed on updating email address via Aadhaar mobile application. This waiver will continue till December 31, 2026.

3. SBI Credit Card Changes

As per SBI Card's notification, from July 1, the Reward Points Program on PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK will be revised. The company has capped its reward points on PhonePe spends and Online spends, while excluding the rewards in certain categories.

4. HDFC Bank Credit Card Changes

From July 1, HDFC Bank credit card holders will be eligible for three complimentary domestic airport lounge visist per calender quarter. However, this benefit will be given only on Rs 60,000 spends in the previous quarter.

5. Passport Application Fees Hike From July 1

The government has hiked passport application fees from July 1. Under the new fee structure, a fresh passport or reissue of passport application will cost about Rs 5,000, while a 60-page ordinary passport or its reissue will cost at Rs 3,500.

6. RBI Restricts Mis-Selling Of Bank Products

RBI's new mis-selling rules take effect from July 1, 2026. Banks must obtain explicit customer consent before selling financial products, cannot use deceptive "dark patterns" or force bundled products, and must recommend only suitable products. If mis-selling is proven, customers are entitled to a full refund. The rules aim to improve transparency and strengthen consumer protection.