From ITR deadline to passport fee hike: 4 financial changes in July that may impact your personal finances

Several important financial and banking-related changes, such as the ITR filing deadline, revised passport application charges, changes in credit card rules and free Aadhaar update facility, are set to take effect from July 2026.

These updates could have an impact on your finances and day-to-day transactions. Hence, keeping track of them can help you avoid unnecessary charges, stay compliant with deadlines and make informed financial decisions. Here are five important financial changes to watch out for this month.

ITR filing deadline for FY2025-26

For most taxpayers, the deadline to submit their income tax returns (ITRs) for the financial year 2025-26 (AY 2026-27) is 31 July 2026, unless extended by the income tax department.

This is also the most important tax compliance due date of the month for taxpayers. Individuals filing ITR-1 and ITR-2 for FY26 must submit their tax return by this date. If you miss the deadline, then you will have to file the belated returns, which comes with an additional cost.

In addition to the late filing fees, failing to file ITR within the due date restricts individuals from changing their tax regimes for the relevant financial year, as well as impacting the ability to carry forward eligible losses.

Passport application charges hiked

If you are planning to apply for a passport, be prepared to pay more. Passport application charges have been revised with effect from 1 July, making it more expensive to obtain or renew a passport.

The central government on Thursday hiked passport fees for the first time in roughly 14 years, bringing the cost of a 36-page ordinary fresh passport to ₹2,500 and ₹5,000 under the Tatkaal scheme.

At present, the ordinary passport fee or reissue fee is ₹1,500, compared to ₹3,500 under the Tatkaal scheme.

The fee has also been increased to 60 pages for a lost or damaged passport. Hence, applicants are advised to check the updated fee structure before applying.

Free Aadhaar email update facility is live

From 1 July 2026, Aadhaar holders do not have to pay the ₹75 fee, which is currently charged for updating an individual's email address through the Aadhaar mobile app, the government announced earlier.

However, this facility has been rolled out only for a limited period. It is free only until 31 December 2026, post which the prescribed fee will be applicable again.

According to an official notification, “It has been decided to waive off the charges (i.e., ₹75) for availing service of email address update through the Aadhaar mobile application and make it free of cost for a period of six months with effect from July 1, 2026, to December 31, 2026.”

SBI card revises reward points for some cards

SBI Card has revised the rewards structure for select PhonePe SBI credit cards, including the PhonePe SBI credit card PURPLE and PhonePe SBI credit card SELECT BLACK. The changes will come into force on 1 July and impact how cardholders earn reward points on eligible transactions.

The revision includes the introduction of revised monthly reward point limits and expansion of certain categories and spends where rewards will no longer accrue, according to SBI Card’s official customer notice.

These changes are set to directly impact how cardholders accumulate reward points on making transactions in their day-to-day lives.