July 1 Financial Changes: 7 key rules that impact taxpayers, bank customers, credit card users and train passengers

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

Missing the deadline may result in penalties. It can also affect the choice of tax regime and limit the ability to carry forward eligible losses to future assessment years.

The Unique Identification Authority of India (UIDAI) has made updating the registered email address linked to Aadhaar free from July 1, 2026.

Earlier, users had to pay a fee of Rs 75 for this service. The fee waiver will remain in effect for six months, until December 31, 2026.

SBI Card has revised the reward point programme for select PhonePe SBI Credit Cards from July 1.

The changes apply to PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK. Under the revised rules, new limits have been introduced on earning reward points. In addition, more types of transactions have been added to the list of purchases that will not earn reward points.

Cardholders should check the updated terms before making purchases to understand how the changes may affect their rewards.

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

From July 1, 2026, cardholders will receive three complimentary domestic airport lounge visits per calendar quarter only if they spend at least Rs 60,000 in the previous calendar quarter.

For example, customers must have spent Rs 60,000 or more between April and June 2026 to qualify for lounge access during the July-September 2026 quarter. The same spend-based condition will apply for every subsequent quarter.

Passport application charges have increased from July 1, 2026.

The Ministry of External Affairs has revised the service fees for both normal and Tatkaal passport applications in India and overseas. Applicants planning to apply for a new passport or renew an existing one should check the revised fee structure before submitting their application.

The Reserve Bank of India (RBI) has implemented a new framework to prevent the mis-selling of financial products by banks.

Under the new rules, customers who are sold financial products through misleading or unfair practices will be entitled to a full refund. They may also receive compensation for losses caused by such mis-selling.

The framework aims to improve customer protection and ensure greater accountability among banks while selling financial products.

Train passengers should also note changes under the Jan Vishwas (Amendment of Provisions) Act, 2026.

The revised rules increase penalties for several railway-related offences. These include travelling without a valid ticket, entering coaches reserved for women without permission, misusing railway facilities and carrying prohibited goods.

Passengers are advised to follow railway rules carefully, as the higher penalties are now in effect.

Buying a new vehicle has become costlier from July 1 as automakers revised prices across several models. Tata Motors has increased the prices of its passenger vehicles by up to 1.5 per cent and commercial vehicles by up to 2.5 per cent, while Kia India has raised the prices of all its models by up to 2 per cent.

A new system has come into effect for consumers who have both LPG and PNG connections. However, the government has clarified that no order has been issued to immediately stop gas supply to such consumers.

The price of the 19-kg commercial LPG cylinder has been reduced by up to Rs 183.50 with effect from July 1. Revised prices of CNG, PNG and aviation turbine fuel (ATF) have also come into force.

The government has withdrawn the temporary restrictions on fuel sales that were imposed earlier. The daily purchase limit of 200 litres of diesel has been removed, allowing bulk consumers to buy petrol and diesel through the normal process.

The Jan Vishwas (Amendment) Act, 2026 has come into effect, bringing changes to laws administered by several ministries, including railways, banking, insurance, labour, health and commerce. The Act decriminalises several minor offences and revises penalty provisions to improve ease of doing business.