ITR Filing Enters its Final Month
July marks the final month for many taxpayers to file their Income Tax Returns (ITR) for the financial year 2025-26. The deadline for salaried individuals who need to file using ITR-1 or ITR-2 forms is July 31, 2026. Missing this deadline can lead to penalties.
A late fee of up to ₹5,000 may apply for those with an annual income over ₹5 lakh, while a penalty of ₹1,000 is applicable for those earning below this threshold. It's important to gather all necessary documents like Form 16 and bank statements to ensure a smooth filing process and avoid last-minute issues.
New Rules for Credit Card Perks
Credit card users should take note of significant changes to rewards and benefits. HDFC Bank has revised its criteria for complimentary domestic airport lounge access. From July 1, cardholders will need to have spent a minimum of ₹60,000 in the previous calendar quarter to avail three free lounge visits. For example, spending between April and June 2026 determines eligibility for the July to September quarter. Additionally, SBI Card is adjusting the reward points program for its PhonePe co-branded cards, introducing new limits on how many points can be earned.
RBI Cracks Down on Mis-selling
In a significant move to protect consumers, the Reserve Bank of India (RBI) has implemented a new framework to curb the mis-selling of financial products by banks, effective July 1. Under these new rules, if a customer is sold a financial product through misleading practices or without proper consent, they are entitled to a full refund and compensation for any losses incurred. This initiative aims to increase transparency and ensure that banks recommend products that are suitable for their customers' needs.
Changes in Service Costs and Fees
Several government services will see a change in their fee structure. Applying for a passport will now be more expensive, as the Ministry of External Affairs has increased the fees for both normal and Tatkaal applications from July 1. For a standard 36-page passport, the fee has been raised from ₹1,500 to ₹2,500. On a positive note, the Unique Identification Authority of India (UIDAI) is offering a temporary waiver. From July 1 to December 31, 2026, the ₹75 fee for updating your email address in your Aadhaar details will be waived if done through the mobile app.
Relief in Commercial LPG Prices
Businesses that use commercial LPG have received some good news. For the first time in 2026, the prices of 19 kg commercial LPG cylinders have been reduced from July 1. In Delhi, the price was cut by ₹183.50, bringing the cost of a cylinder down to ₹2,930. Similar price reductions have been implemented across other cities like Kolkata, Chandigarh, and Patna. This move is expected to lower operational costs for hotels, restaurants, and other commercial establishments. However, the prices for 14.2 kg domestic LPG cylinders remain unchanged for the month of July.
