ITR Filing Deadline Approaches
The final month for filing Income Tax Returns (ITR) for the Financial Year 2025-26 is upon us. Salaried individuals and those filing ITR-1 or ITR-2 forms must submit their returns by July 31, 2026. Missing this deadline can lead to penalties, which can be
up to ₹5,000 for those with an annual income exceeding ₹5 lakh. Beyond the late fee, a delay could restrict your ability to carry forward certain financial losses to future years or prevent you from opting for specific tax regimes.
Credit Card Perks Get an Overhaul
Several banks are updating their credit card policies from July 1. HDFC Bank cardholders will now need to meet a minimum spending requirement to enjoy complimentary airport lounge access. To get these benefits in the July-September quarter, users must have spent at least ₹60,000 in the previous quarter (April-June). Similarly, SBI Card is changing the rewards structure for some of its PhonePe co-branded credit cards, introducing new limits on earning reward points and expanding the list of transactions that won't qualify for points.
Changes in LPG Cylinder Prices
There is some relief for businesses as the price of 19 kg commercial LPG cylinders has been reduced, marking the first cut in 2026. Effective July 1, the price of a commercial cylinder has been slashed by up to ₹183.50 in cities like Delhi. This move is expected to lower input costs for hotels and restaurants. However, the prices for the 14.2 kg domestic LPG cylinders, which are used in most households, remain unchanged for July.
New RBI Rules Against Mis-selling
In a significant move to protect consumers, the Reserve Bank of India (RBI) is implementing a new framework to curb the mis-selling of financial products by banks. Starting July 1, if a customer is sold an unsuitable financial product through misleading practices, they may be entitled to a full refund and compensation for any resulting losses. These regulations aim to enhance transparency and ensure that customers are treated fairly by financial institutions.
Passport Fees and Aadhaar Updates
Applying for a passport will become more expensive from July 1. The Ministry of External Affairs has increased the service fees for both normal and Tatkaal passport applications. The fee for a standard 36-page passport is increasing to ₹2,500 from ₹1,500, with similar hikes for other categories. On a positive note, the Unique Identification Authority of India (UIDAI) is offering a temporary waiver of the ₹75 fee for updating your registered email address on your Aadhaar. This service will be free through the Aadhaar mobile app from July 1 to December 31, 2026.
EPFO Services Restored
After a temporary suspension for a major system upgrade, the Employee Provident Fund Organisation (EPFO) has restored its online services as of July 1. The five-day shutdown was for system migration and database consolidation. The government is also expected to roll out EPFO 3.0, a significant digital upgrade designed to simplify provident fund services, potentially enabling faster withdrawals through UPI and ATMs.
