7 Key Financial Changes Effective from July 1, 2026, That Will Impact Indians

Several important financial and regulatory changes have come into effect from July 1, 2026, affecting taxpayers, bank customers, credit card users, passport applicants and railway passengers. Here are the major updates:

The deadline to file Income Tax Returns (ITR-1 and ITR-2) for the Financial Year 2025–26 (Assessment Year 2026–27) is July 31, 2026. Missing the deadline may result in penalties, restrictions on selecting certain tax regimes and the inability to carry forward eligible losses.

The Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating the registered email address linked to Aadhaar. The service will remain free for six months, until December 31, 2026.

SBI Card has revised the reward points programme for PhonePe SBI Credit Card PURPLE and SELECT BLACK cardholders. The new rules introduce earning caps and expand the list of transactions that will no longer qualify for reward points.

HDFC Bank has changed the eligibility criteria for complimentary domestic airport lounge access. From July 1, cardholders will receive three free lounge visits per calendar quarter only if they spent at least ₹60,000 in the previous quarter. For example, spending between April and June 2026 determines eligibility for the July–September quarter.

The Ministry of External Affairs has increased passport service charges for both normal and Tatkaal passport applications in India and overseas. The revised fees are effective from July 1, 2026.

The Reserve Bank of India (RBI) has introduced new rules to curb the mis-selling of financial products by banks. Under the new framework, customers who are sold unsuitable financial products will be entitled to a full refund and compensation for any financial losses.

Indian Railways has implemented amendments under the Jan Vishwas (Amendment of Provisions) Act, 2026. The revised rules impose stricter penalties for offences such as travelling without a valid ticket, entering coaches reserved for women without authorization, misusing railway facilities and carrying prohibited goods. The new provisions are aimed at improving passenger safety and discipline across the railway network.