Key Financial Rules In July: Pan-Aadhar Rule, Fresh Bank Charges & ITR Extention

Several key financial changes, including extension of the July 31 ITR filing deadline and revisions in bank charges on credit cards and savings accounts, will take effect in July, impacting individual account holders and taxpayers.

With effect from July 1, 2025, several key financial changes will take place that’ll have a direct efffect on taxpayers and customers of major lenders like HDFC, SBI, and ICICI Bank.

The Central Board of Direct Taxes (CBDT) has made Aadhar verification mandatory for issuing a fresh Permanent Account Number (PAN) card.

In a move that’s beeing apppreciated by taxpayers, CBDT has also extended the ITR filing deadline from July 31 to September 15 for the assesment year 2025 2026.  The extension implies that salaried individuals will get an additional 46 days to file returns.

It is in line with enhancing tax compliance and promote further digital integration. However, its recommended that indiviuals pay file their ITR before hand to avoid the last-minute rush.

The State Bank of India (SBI) Card which offfered complimentary air accident insurance when you booked your flight tickets will be  discontinued with effect from July 15. Cards like SBI Card ELITE, Miles ELITE, and Miles PRIME will no longer offer the Rs 1-crore cover. Additionally, the Rs 50 lakh cover on SBI Card PRIME and PULSE will also be withdrawn.

It will also revise how the Minimum Amount Due (MAD) is calculated on credit cards to include GST, EMIs, fees, and more.

From July 1, HDFC Bank is also altering charges on select credit card transactions. A 1 percent fee, capped at Rs 4,999 per transaction, will be applied to: rental transactions (1 percent of the transaction amount); online skill-based gaming expenditures above Rs 10,000 per month (1 percent of the total monthly spend); utility expenses (excluding insurance transactions) exceeding Rs 50,000 per month (1 percent of the total monthly spend).

Additionally, a 1 percent fee, capped at Rs 4,999, will be charged on wallet loading transactions above Rs 10,000 per month.

On the other hand, has revised several service charges, which will come into effect from July 1.

The bank has revised charges for ATM transactions. For ICICI Bank ATMs, the first five financial transactions each month will remain free, after which you’ll be charged Rs 23 per transaction; non-financial transactions will continue to be free.