From new Aadhaar rule to revised bank charges: Major financial changes taking effect from July

New Financial Rules From July 1, 2025: Several major financial changes are set to take effect from next month, viz., July. The changes include mandatory Aadhaar vetting for fresh PAN applications, an extension of Income Tax Return (ITR) filing deadline, and revision of banking and credit card charges by a number of top banks. Here is a brief explanation of all the upcoming financial changes.

ITR deadline extension
In a move that brings relief to many taxpayers across the country, the Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Returns for Financial Year 2024-2025. The deadline has been pushed from the original date of July 31 to September 15, giving an additional 46 days to taxpayers to complete the process.

Mandatory Aadhaar verification
The CBDT has directed that verification of Aadhaar IDs will be mandatory for new Permanent Account Number (PAN Card) applications, starting July 1. The fresh move is aimed at enhancing digital integration and tax compliance.

Revised credit card and bank rules
The State Bank of India (SBI) will discontinue its complimentary air accident insurance from July 15 on select premium cards like ELITE and PRIME. The bank will also revise how the Minimum Amount Due is calculated on credit cards to include GST, EMIs, fees, and more.

Meanwhile, private-sector lender HDFC Bank will impose a 1 percent fee on rent payments, wallet reloads of more than Rs 10,000, utility bills of above Rs 50,000, and gaming spends over Rs 10,000. A cap of Rs 4,999 will apply per transaction. And, customers can now earn up to 10,000 reward points a month for insurance payments.

ICICI Bank is also introducing changes in ATM charges, Immediate Payment Service (IMPS) fees, and cash transaction limits. After a set number of free transactions, the bank will levy ATM use charges and branch cash handling fees. However, non-financial transactions will continue to remain free.