Several important financial changes are set to take effect on July 1, 2026. These changes could impact taxpayers, bank customers, credit card users, passport applicants and Aadhaar card holders. Here's a look at the key financial changes coming into effect in July 2026.
1. ITR-1, ITR-2 deadlines
For taxpayers filing ITR-1 and ITR-2 forms, due dates for filing returns for the Financial Year 2025-26 (Assessment Year 2026-27), is July 31, 2026. Missing the prescribed deadlines could result in penalties, restrictions on choosing certain tax regimes and limitations on carrying forward eligible losses to future assessment years.
2. Free update in Aadhaar card
Starting July 1, the Unique Identification Authority of India (UIDAI) has temporarily waived off the Rs 75 fee for updating your registered email address on your Aadhaar card. This service will be completely free of cost for six months (until December 31, 2026).
According to an official notification, "It has been decided to waive off the charges (i.e., Rs 75) for availing the service of email address update through the Aadhaar mobile application and make it free of cost for a period of six months with effect from July 1, 2026, to December 31, 2026."
3. SBI credit card changes
SBI Card has announced changes to the reward point programme for select PhonePe SBI Credit Cards, which will come into effect from July 1, 2026. The revision affects both PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK card holders, as new limits on earning reward points and a broader list of transactions that won't earn reward points have been introduced.
4. HDFC Credit card changes
From July 1, 2026, HDFC credit card holders will be eligible for three complimentary domestic airport lounge visits per calendar quarter, provided they have spent at least Rs 60,000 in the preceding calendar quarter.
For instance, to avail lounge access during the July–September 2026 quarter, a card holder must have spent Rs 60,000 or more between April and June 2026. This spend-based eligibility will apply to every subsequent calendar quarter.
5. Higher passport fees
Obtaining a passport will soon become more expensive for both normal and Tatkaal applicants. The Ministry of External Affairs has increased services fee for normal and tatkal passports (India and overseas) from July 1, 2026.
6. New rules for banks on mis-selling of bank products
The RBI has announced new rules to curb the mis-selling of financial products by banks. Under the new framework, customers who are mis-sold products will be entitled to a full refund and compensation for losses. The rules are set to come into effect on July 1, 2026.
