July 1 financial changes: ITR filing, Aadhaar updates, SBI cards, HDFC lounge access, passport fees and RBI rules explained

Starting July 1 2026, a set of significant financial adjustments will take effect, touching the lives of millions across India. These updates will influence taxpayers, bank clients, credit‑card users, passport seekers and Aadhaar holders. Below is a summary of the main changes.

ITR filing deadline

Individuals who file their Income Tax Return with ITR‑1 or ITR‑2 for the financial year 2025‑26 (assessment year 2026‑27) need to lodge the return on or before 31 July 2026.

Failing to meet this date may trigger fines, curtail the option to select a tax regime and hinder the carry‑forward of permissible losses.

Free Aadhaar email update

Effective July 1, the Unique Identification Authority of India (UIDAI) is offering free updates to the Aadhaar‑linked email address for a six‑month period.

Normally priced at ₹75, this facility will stay complimentary through 31 December 2026 when performed via the Aadhaar mobile app.

SBI credit card changes

SBI Card has updated the rewards‑points scheme for certain PhonePe‑branded SBI credit cards.

These adjustments affect holders of the PhonePe SBI Credit Card PURPLE and SELECT BLACK versions, introducing caps on points accrual and widening the categories of spend that earn no points.

HDFC Bank has altered the airport‑lounge privileges available to certain credit‑card customers.

Beginning July 1, cardholders may receive up to three free domestic‑lounge visits each quarter, provided they recorded a minimum spend of ₹60,000 in the preceding quarter, shifting the benefit from automatic to spend‑based.

Higher passport fees

From July 1, obtaining a passport will cost more.

The Ministry of External Affairs has raised the charges for ordinary and Tatkaal passport services, both within India and at its overseas offices. Those intending to apply for a new passport or renew an existing one should anticipate higher fees.

RBI’s stricter rules against mis-selling

The Reserve Bank of India (RBI) has rolled out tougher rules aimed at preventing the mis‑sale of banking products.

Under the revised framework, consumers who receive a mis‑sold financial product qualify for a complete refund plus compensation for any incurred loss, with the objective of bolstering consumer safeguards and enhancing transparency in the banking industry.