July 1 Financial Changes: ITR Deadline, Aadhaar Update, Passport Fees And Credit Card Rules

Several important financial changes have come into effect from July 1, 2026, and many of them directly affect Indian households, taxpayers, bank customers, and credit card users. From income tax return filing deadlines to Aadhaar email updates, passport fee hikes, fuel price cuts, and revised card benefits, these new money rules are worth checking before making financial decisions this month.

ITR Filing Deadline For Taxpayers

The income tax return filing process for Assessment Year 2026-27 has entered an important phase. Salaried taxpayers filing ITR-1 and ITR-2 need to complete their returns before the July 31, 2026, deadline.

ITR-1 generally applies to salaried individuals with income up to Rs 50 lakh, while ITR-2 is used by taxpayers who also have income from capital gains, house property, pension, foreign income, or other sources.

For taxpayers using ITR-3 and ITR-4, the filing deadline has been extended to August 31, 2026. These forms are generally used by business owners, professionals, partnership firms, and certain other taxpayers.

Aadhaar Email Update Becomes Free

Aadhaar holders can now update their registered email address for free through the Aadhaar mobile application. UIDAI has waived the earlier Rs 75 fee for this service.

The free Aadhaar email update facility is available from July 1, 2026, to December 31, 2026. This gives users a useful window to correct or update their email details without paying any charge.

Keeping Aadhaar details updated is important because email alerts can help users track authentication activity and receive important Aadhaar-related communication.

Passport Fees Hiked From July 1

Passport services have become costlier from July 1 after the Ministry of External Affairs revised charges for fresh and reissued passports.

The fee for a fresh or reissued 36-page passport has increased to Rs 2,500, while the Tatkaal fee for the same category has gone up to Rs 5,000.

For a 60-page passport, the normal fee has increased to Rs 3,500, while the Tatkaal fee has gone up to Rs 6,000.

People planning overseas travel, student visa applications or passport renewals should check the updated fee structure before applying.

Nayara Energy Cuts Petrol And Diesel Prices

In a relief for motorists, Nayara Energy has reduced petrol and diesel prices at its retail outlets. Petrol prices have been cut by Rs 5 per litre, while diesel prices have been reduced by Rs 3 per litre.

The company operates more than 7,000 fuel stations across India. The price cut follows softer international crude oil prices after easing tensions in West Asia.

However, final retail fuel prices can still vary from state to state because of local taxes such as VAT.

RBI Rules Aim To Protect Bank Customers

The Reserve Bank of India has brought in a new customer protection framework to tackle the mis-selling of financial products by banks.

Under the new rules, customers who are sold unsuitable financial products through unfair practices may be eligible for a full refund. If they face financial loss due to mis-selling, they may also receive compensation.

The move is expected to make banks more accountable while selling insurance, investment and other financial products to customers.

SBI Card Reward Points Changed

SBI Card has revised reward point rules for PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK.

From July 1, reward points on eligible PhonePe transactions and online spending have been capped. Some spending categories will also no longer earn reward points.

Cardholders using these cards should check the updated reward structure before planning large purchases, bill payments or online transactions.

HDFC Bank Changes Lounge Access Rules

HDFC Bank has updated complimentary domestic airport lounge access rules for eligible credit cardholders.

Cardholders can continue to receive lounge access benefits, but only if they meet the required spending condition. From July 1, eligible customers need to spend at least Rs 60,000 in the previous calendar quarter to claim complimentary lounge access in the next quarter.

This change is important for frequent travellers who depend on credit card lounge benefits.

What Should You Do Now?

The July 1 financial changes affect several areas of everyday money management. Taxpayers should keep ITR deadlines in mind, Aadhaar holders can use the free email update facility, passport applicants should prepare for higher fees, and credit card users should review updated reward and lounge access rules.

Checking these new money rules early can help you avoid penalties, reduce surprise costs, and make better financial decisions in July 2026.