July 1 rulebook is here: 6 money changes that will affect your ITR, passport, Aadhaar and credit cards

A host of new financial rules come into effect today (July 1), bringing changes that could affect taxpayers, bank customers, credit card users and passport applicants.

The updates include revised income tax return (ITR) filing deadlines, free Aadhaar email updates, higher passport fees, changes to credit card rewards and airport lounge access, and new Reserve Bank of India (RBI) rules to protect customers from the mis-selling of financial products.

Don't Miss: First-time ITR filer? Why experts say you should enable the Income Tax Department's e-Filing Vault

Here's a look at the six key changes that take effect today.

ITR filing deadlines revised

The income tax return filing schedule for the Assessment Year 2026-27 has changed, with different deadlines for different ITR forms.

Salaried individuals filing ITR-1 and ITR-2 must submit their returns by July 31, 2026.

ITR-1 is meant for salaried taxpayers with an annual income of up to ₹50 lakh. ITR-2 is for individuals who earn income from sources such as capital gains, house property, pensions, foreign income or agricultural income, in addition to salary.

The deadline for filing ITR-3 and ITR-4 has been extended to August 31, 2026.

ITR-3 is filed by companies, businesses, partnership firms and charitable trusts, among others. ITR-4 applies to individuals or companies with income above ₹50 lakh.

Missing the applicable deadline could attract penalties.

2. Aadhaar email update is now free

From today, the Unique Identification Authority of India (UIDAI) has waived the ₹75 fee for updating an email address through the Aadhaar mobile application.

The fee waiver will remain in effect until December 31, 2026.

SBI Card revises reward points

SBI Card has revised the reward points programme for PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK from today.

The company has capped reward points on PhonePe transactions and online spends. Certain spending categories have also been excluded from earning reward points.

HDFC Bank changes lounge access rules

HDFC Bank credit card holders can now get three complimentary domestic airport lounge visits every calendar quarter.

However, the benefit is available only if the cardholder spent at least ₹60,000 in the previous quarter.

Passport application fees go up

Passport applicants will now have to pay higher fees.

Under the revised fee structure, a fresh passport or reissue of a passport will cost about ₹5,000, while a 60-page ordinary passport or its reissue will cost ₹3,500.

RBI's anti-mis-selling rules take effect

The RBI's new guidelines aimed at preventing the mis-selling of financial products by banks also come into force today.

Under the new rules, banks must obtain explicit customer consent before selling financial products. They cannot use deceptive "dark patterns" or force customers to buy bundled products. Banks are also required to recommend only products that are suitable for customers.

If mis-selling is proven, customers will be entitled to a full refund.

The new framework is intended to improve transparency and strengthen consumer protection across the banking system.