A new month often brings new rules, and July is no different. From income tax filing deadlines to Aadhaar updates and changes in passport fees, several financial rules are set to change from July 1, 2026.
Whether you’re planning to file your , apply for a passport or use your SBI credit card, these changes could affect your finances. Here’s a look at the five key updates you should know.
Taxpayers filing their Income Tax Return (ITR) using ITR-1 or ITR-2 forms for the Financial Year 2025-26 (Assessment Year 2026-27) should keep July 31, 2026, in mind.
It may also affect your ability to choose certain tax regimes and prevent you from carrying forward eligible losses to future assessment years.
If you haven’t started gathering your tax documents yet, now is a good time to do so.
Applying for a passport will cost more from July 1.
The Ministry of External Affairs has revised the service charges for both normal and Tatkaal passport applications in India as well as overseas. The revised fees will apply to fresh passport applications and other related passport services.
According to a notification issued by the Ministry of External Affairs on June 20 and published on June 25, 2026, the fee for a fresh or reissued 36-page passport has been increased to Rs 2,500. The Tatkaal fee for the same service has also been raised from Rs 3,500 to Rs 5,000.
For a 60-page passport, the regular application fee has gone up from Rs 2,000 to Rs 3,500, while the Tatkaal fee has been increased from Rs 4,000 to Rs 6,000.
Anyone planning to apply for a passport may want to check the updated fee structure before submitting an application.
There is good news for Aadhaar holders.
From July 1, 2026, to December 31, 2026, the Unique Identification Authority of India (UIDAI) has waived the Rs 75 fee for updating the registered email address through the Aadhaar mobile application.
The move is aimed at encouraging more people to keep their Aadhaar details up to date without paying any charges.
The Reserve Bank of India (RBI) is introducing a new framework to protect customers from the mis-selling of financial products by banks.
Under the new rules, customers who are sold unsuitable financial products through unfair practices will be entitled to a full refund. They may also receive compensation for any financial loss caused due to mis-selling.
The new framework comes into effect from July 1, 2026, and is expected to strengthen consumer protection in the banking sector.
SBI Card has announced changes to the reward point programme for select PhonePe SBI Credit Cards.
The revised rules will apply to PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK from July 1, 2026.
Under the new programme, cardholders will face revised limits on earning reward points. In addition, more categories of transactions will no longer be eligible for reward points.
Customers using these cards should review the updated reward programme to understand how the changes may affect their benefits.
In other words, July 1 marks the beginning of several important financial changes that could affect millions of people.
Whether it’s filing your income tax return before the deadline, taking advantage of free Aadhaar email updates, paying higher passport fees, understanding new banking protections or checking revised SBI Card rewards, staying informed can help you avoid surprises and make better financial decisions.