July 1 Rule Changes: ITR Deadline, Aadhaar Update, Credit Cards, Passport Fees, Car Prices And More

Several important financial and regulatory changes are set to take effect from July 1, 2026, impacting taxpayers, bank customers, credit card users, Aadhaar holders, passport applicants and vehicle buyers. The updates range from free Aadhaar email address updates and revised credit card benefits to higher passport fees and expected fuel price revisions.

Here are the major changes coming into effect from July 1.

ITR Filing Deadline Nears

Taxpayers filing ITR-1 and ITR-2 for the financial year 2025-26, corresponding to the assessment year 2026-27, must submit their income tax returns by July 31, 2026.

Those who miss the deadline and file a belated return between August 1 and December 31 may have to pay a penalty of up to Rs 5,000 if their annual income exceeds Rs 5 lakh. Taxpayers with income below Rs 5 lakh may face a penalty of Rs 1,000.

Aadhaar Email Address Update Becomes Free

From July 1 to December 31, 2026, the Unique Identification Authority of India (UIDAI) will allow Aadhaar holders to update their registered email address free of cost through the Aadhaar mobile application.

The move removes the earlier Rs 75 fee for email address updates during the six-month period.

SBI Credit Card Reward Rules Change

SBI Card has revised the reward programme for PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK.

From July 1, the cards will have updated reward point earning limits along with a revised list of transactions that will no longer qualify for reward points.

Cardholders should review the new terms before making eligible purchases.

HDFC Bank Revises Airport Lounge Access

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

Beginning July 1, eligible customers can avail up to three complimentary domestic lounge visits per calendar quarter. However, they must spend at least Rs 60,000 during the previous quarter to qualify.

For lounge access between July and September, customers must have spent the required amount between April and June.

Passport Fees Increase

Passport services will become more expensive from July 1.

The Ministry of External Affairs has increased service charges for both normal and Tatkal passport applications in India and overseas. Applicants seeking passport-related services will have to pay the revised fees from the start of the month.

RBI Brings New Rules Against Mis-Selling

The Reserve Bank of India (RBI) is introducing a new framework aimed at protecting customers from the mis-selling of financial products by banks.

Under the new rules, customers who suffer financial losses due to misleading sales practices may be eligible for refunds or compensation.

The regulations come into effect on July 1.

Railway Penalties Become Stricter

Indian Railways is also introducing tougher penalties for several offences.

The fine for carrying dangerous goods on trains will increase from Rs 250 to Rs 500, while serious violations could attract penalties of up to Rs 10,000 along with possible imprisonment.

Selling goods without a valid licence may invite a Rs 2,000 fine. Passengers travelling in women's compartments without authorisation may face penalties of up to Rs 2,500.

LPG, CNG And PNG Prices In Focus

Consumers will be watching for any revisions in LPG, CNG and PNG prices from July 1 following recent movements in global crude oil prices.

Separately, reports have suggested that households with both LPG and PNG connections may need to shift fully to PNG by June 30, failing which LPG services could be affected. However, there has been no official nationwide confirmation of such a rule, and consumers should rely only on announcements issued by their LPG company or relevant authorities.

EPFO 3.0 Rollout Expected

The government is expected to introduce EPFO 3.0 in early July.

The upgraded platform is expected to allow private sector employees to withdraw Provident Fund money through UPI and ATM networks, making withdrawals quicker and more convenient.

An official rollout schedule is awaited.

Car Prices To Rise

Buying a new car may become more expensive from July 1.

Kia India has announced a 2% price increase across its vehicle range. Tata Motors will also raise prices of its internal combustion engine and electric vehicles by up to 1.5%.

The companies have cited rising input costs as the reason for the price revisions.

What Consumers Should Do

With multiple financial and regulatory changes taking effect from July 1, consumers should review the new rules that affect their finances and daily transactions.

Taxpayers should prepare for the ITR deadline, Aadhaar holders can take advantage of the free email update facility, credit card users should check revised reward and lounge access rules, and prospective passport applicants and vehicle buyers should factor in higher costs while planning their expenses.