Income Tax Return Filing Deadline Nears
One of the most crucial dates for taxpayers is approaching. The deadline to file Income Tax Returns (ITR) for the Financial Year 2025-26 (Assessment Year 2026-27) is July 31, 2026. This applies to most individual taxpayers, including salaried individuals
and pensioners who file using ITR-1 or ITR-2 forms. Missing this deadline can result in penalties, and you could lose the ability to carry forward certain losses to future years. It is advisable to gather all necessary documents and complete your filing well before the last date to avoid any last-minute hassles.
Credit Card Perks Get an Overhaul
Frequent flyers and reward point collectors should take note of significant changes in credit card benefits. HDFC Bank is implementing a spend-based criteria for its complimentary domestic airport lounge access. Starting July 1, cardholders of select cards must have spent at least ₹60,000 in the previous calendar quarter to avail of this facility. For instance, to get access between July and September 2026, you must have met the spending threshold between April and June 2026. Simultaneously, SBI Card is revising the reward point structure for its co-branded PhonePe cards, which includes new monthly caps on earning points and an expanded list of transactions that are no longer eligible for rewards.
New RBI Rules to Tackle Mis-selling
In a major move to protect consumers, the Reserve Bank of India (RBI) is rolling out a new framework to curb the mis-selling of financial products. Effective July 1, these rules will hold banks and other regulated financial entities more accountable. Under the new directives, if a customer can prove they were sold an unsuitable financial product through misleading information or unfair practices, they will be entitled to a full refund and may receive compensation for any financial loss incurred. This initiative aims to enhance transparency and ensure that financial products are sold based on the customer's actual needs.
Passport Applications to Cost More
If you're planning to apply for a new passport or renew an existing one, be prepared for higher fees. The Ministry of External Affairs has increased the application charges for both normal and Tatkaal passport services, with the new rates coming into effect on July 1, 2026. For example, the fee for a new or reissued 36-page ordinary passport will increase to ₹2,500, while the Tatkaal fee for the same will be ₹5,000. Applicants are advised to check the updated fee structure on the official passport portal before submitting their applications.
Good News for Aadhaar Holders
There's some relief on the digital identity front. The Unique Identification Authority of India (UIDAI) has announced a temporary waiver of fees for updating your email address in your Aadhaar details. From July 1 until December 31, 2026, you can update your registered email address through the Aadhaar mobile app without paying the usual ₹75 fee. This move is intended to encourage more individuals to keep their Aadhaar information current, which is crucial for various financial and government services.
