New Delhi: Several important financial and regulatory changes are set to come into effect from July 1, 2026, impacting taxpayers, bank customers, credit card users, passport applicants and Aadhaar card holders.

The changes include income tax return filing deadlines, free Aadhaar updates, revised credit card benefits, higher passport charges and new banking rules aimed at protecting customers from the mis-selling of financial products.

Income tax return filing deadline approaches

Taxpayers filing Income Tax Return (ITR) forms ITR-1 and ITR-2 for the Financial Year 2025-26 (Assessment Year 2026-27) must submit their returns by July 31, 2026.

Missing the prescribed deadline could result in penalties and restrictions on opting for certain tax regimes. Taxpayers may also lose the ability to carry forward eligible losses to future assessment years.

Tax experts have advised eligible individuals to file their returns well before the deadline to avoid last-minute technical issues and ensure timely processing.

Free Aadhaar email update for six months

From July 1, the Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating the registered email address linked to an Aadhaar card.

The service will remain free for six months, from July 1 to December 31, 2026.

According to an official notification, the waiver applies to email address updates carried out through the Aadhaar mobile application and aims to encourage more citizens to keep their Aadhaar details updated.

The move is expected to benefit millions of Aadhaar holders across the country.

SBI revises reward programme for select credit cards

SBI Card has announced changes to the reward points programme for select PhonePe SBI credit cards.

The revisions affect both PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK card holders.

From July 1, new limits will be introduced on earning reward points, and the list of transactions that do not qualify for reward points will be expanded.

Cardholders are advised to review the updated terms and conditions to understand how the changes may affect their rewards.

HDFC introduces spend-based lounge access

HDFC Bank has revised the eligibility criteria for complimentary domestic airport lounge access on certain credit cards.

Beginning July 1, cardholders will be eligible for three complimentary domestic airport lounge visits per calendar quarter only if they have spent at least ₹60,000 during the preceding quarter.

For example, to avail lounge access during the July-September 2026 quarter, customers must have spent at least ₹60,000 between April and June 2026.

The spend-based criterion will continue to apply for every subsequent quarter.

Passport fees to become costlier

Obtaining a passport will become more expensive from July 1 as the Ministry of External Affairs has increased service charges for both normal and Tatkaal passport applications in India and overseas.

The revised fee structure will apply to fresh applications as well as certain passport-related services.

Applicants planning to obtain or renew passports are advised to check the updated charges before submitting their applications.

RBI introduces rules against mis-selling

The Reserve Bank of India has introduced a new framework aimed at curbing the mis-selling of financial products by banks.

Under the new rules, customers who are sold unsuitable financial products through misleading practices will be entitled to a full refund and compensation for losses incurred.

The framework seeks to improve transparency and accountability in the banking sector and strengthen consumer protection.

Banks will be required to establish proper grievance redressal mechanisms and ensure that products are sold in accordance with customers’ needs and financial circumstances.

Changes likely to affect millions

The financial and regulatory changes coming into force from July 1 are expected to affect millions of individuals and businesses across the country.

While some measures, such as the free Aadhaar update service and the RBI’s customer protection framework, are aimed at improving convenience and consumer rights, others, including revised credit card benefits and higher passport fees, may require customers to reassess their financial planning.

Experts advise individuals to familiarise themselves with the new rules and take the necessary steps to avoid inconvenience and make informed financial decisions.