Several financial and regulatory changes take effect from 1 July that could directly impact taxpayers, bank customers and users. Some of these changes require timely action to avoid penalties or inconvenience, while others are aimed at making services easier to access and strengthening consumer rights.
If you’re filing your income tax return, using banking services or relying on Aadhaar for everyday transactions, here’s a look at the key changes you should know about from today.
ITR filing deadlines revised for AY 2026-27
The Central Board of Direct Taxes (CBDT) has notified revised due dates for filing income tax returns for the Assessment Year (AY) 2026-27, with different deadlines depending on the return form applicable to the taxpayer.
For salaried individuals filing ITR-1 (Sahaj) and ITR-2, the due date is 31 July 2026.
ITR-1 is meant for eligible resident individuals with annual income of up to ₹50 lakh from sources such as salary, pension and specified other income. ITR-2 applies to individuals and Hindu Undivided Families (HUFs) that do not have business income but earn income from sources including capital gains, multiple house properties, foreign assets or agricultural income beyond the prescribed limit.
Meanwhile, taxpayers required to file and ITR-4 have until 31 August 2026 to submit their returns. Missing the applicable due date could also result in late filing fees, interest on tax dues and restrictions on carrying forward eligible losses.
Updating your Aadhaar email address is now free
The Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating the email address linked to an Aadhaar number through the Aadhaar mobile application.
According to a UIDAI notification, the charge has been waived from 1 July to 31 December 2026, allowing Aadhaar holders to update their registered email address digitally at no cost during the six-month period.
Keeping an email address updated with Aadhaar enables users to receive authentication alerts, service-related notifications and other official communications. It also helps ensure smoother access to various digital government services that rely on Aadhaar-based verification.
The fee waiver applies only to email address updates carried out through the Aadhaar mobile application during the specified period.
RBI’s new bank mis-selling rules come into force
The Reserve Bank of India (RBI) has implemented a new framework to curb the mis-selling of financial products by banks.
Under the framework, banks must ensure products are suitable for customers before selling them. If a customer is mis-sold a financial product through unfair practices, the bank will have to provide a full refund. Customers who suffer financial losses due to such mis-selling may also be entitled to compensation.
The rules are aimed at strengthening consumer protection and improving accountability in the sale of third-party financial products.
What these changes mean for you
The changes taking effect from 1 July affect three important aspects of personal finance from income tax compliance, Aadhaar services to banking.
Taxpayers should check the applicable to them and ensure they file their returns within the prescribed deadline. Aadhaar holders can use the six-month window to update their registered email address free of cost through the Aadhaar mobile application. Meanwhile, bank customers purchasing insurance, mutual funds or other financial products through banks now have stronger regulatory safeguards if they are subjected to unfair or unsuitable sales practices.