Rules Changing From 1st July 2026: These 6 big rules are going to change from 1st July, there will be a direct impact on the pocket; See full list

With the beginning of the new month, many important changes are going to be implemented in the country. Many important financial and administrative rules are going to change from July 1, 2026, which will have a direct impact on taxpayers, bank customers, credit card users, passport applicants and card holders. These changes will directly impact the wallets of the general public and their everyday financial transactions. Let us know without any cuts in the style of a reporter about these major financial updates to be implemented from July 1, 2026.

ITR-1 and ITR-2 deadline: Delay will attract a fine of up to Rs 5,000

This is a very important update for taxpayers. The last date for filing returns for the financial year 2025-26 (assessment year 2026-27) for taxpayers filing ITR-1 and ITR-2 forms has been fixed as July 31, 2026. If you file returns after this deadline, you will have to pay heavy late fees. If the return is not filed by July 31, a belated return can be filed by December 31. But there is a provision for penalty for this. Taxpayers whose total income is more than Rs 5 lakh may have to pay a fine of up to Rs 5,000, while for those with income less than Rs 5 lakh, this late fee will be up to Rs 1,000.

Big change in Aadhar Card: Updating registered email ID becomes absolutely free

A big relief has been given to the card holders by the Unique Identification Authority of India (UIDAI). UIDAI has temporarily abolished the fees for updating registered email ID. This facility was earlier available for a fee of ₹ 75, but now it has been made completely free from 1 July 2026 to 31 December 2026. Common people will be able to avail this facility without any charge through the official mobile app and online portal of UIDAI.

Changes in SBI credit card rules: Changes in the limit of reward program

The new rule is also going to be implemented for State Bank of India (SBI) card users from July 1. SBI Card has made major changes in the rewards program of PhonePe SBI Credit Card. This will directly affect both PhonePe SBI Credit Card PURPLE and SELECT BLACK variants. Under the new rules, the limit for earning reward points has now been changed, and some special transactions have been completely excluded from the reward category.

Attention HDFC credit card holders: You will have to spend so many thousands for lounge access.

The new rule regarding airport lounge access for HDFC Bank credit card users is coming into effect from July 1, 2026. Under the new rule, now customers will get the facility of free airport lounge access three times in every calendar quarter, but a condition has been added for this. To get lounge access, customers will be required to spend at least ₹60,000 in the previous quarter. For example, if you want to avail the free lounge facility in the July to September 2026 quarter, you will have to spend ₹60,000 or more on your card between April to June 2026.

Making a passport has become expensive: Foreign Ministry increased the fees

People planning to travel abroad from July 1 will have to shell out a little more. The Ministry of External Affairs has announced an increase in the fees for both normal and tatkal categories of passports from July 1, 2026. This new rule will be equally applicable to Indian applicants living in India as well as abroad. After this decision, making or renewing a new passport will become more expensive than before.

RBI strict on mis-selling: Customers will get full refund and compensation for loss

In view of the increasing complaints of mis-selling of products to customers in the banking sector, the Reserve Bank of India (RBI) has taken a tough stance. Under these new rules, which will be effective from July 1, 2026, if any financial product has been wrongly sold to a customer by a bank or financial institution, then the customer will have the legal right to get a full refund. Additionally, the Bank will have to fully compensate the customer for any financial loss incurred due to mis-selling.