As July 2026 draws to a close, the final day of the month, July 31, is more than just another date on the calendar.
While it marks the income tax return (ITR) filing deadline for millions of taxpayers for AY 26-27, it also comes with several important financial announcements and rule changes that could have a direct impact on your finances.
Staying updated on these developments can help you remain compliant and make better financial decisions.
Here are 5 key financial rule changes that came into effect in July 2026 and what they mean for the wallets of resident individuals.
ITR-deadline for non-audit taxpayers
According to the Income Tax Department, the income tax return (ITR) due date for non-audit taxpayers remains July 31, 2026, since CBDT has not issued any extensions this year, unlike last year. The deadline applies to taxpayers who are not obliged to audit their account books prior to submitting tax returns and who must file ITR-1 and ITR-. Therefore, if you miss the deadline for FY 2025–26 (AY 2026–27), you will have to pay late fees, which will have a direct impact on your wallet.
For filing an Income Tax Return (ITR) after the deadline under Section 234F, you would be charged a late fee of Rs 5,000 if your total income exceeds Rs 5 lakh; if it is less than Rs 5 lakh, you will be imposed a late fee of Rs 1,000. Anyone who missed the July 31st deadline to file their ITR for FY 2025–26 (AY 2026–27) may file a belated return until December 31, 2026, with the aforementioned fees. Even if they miss the ITR deadline, those whose total income is less than the basic exemption limit under their selected tax regime are exempted from paying a late fee.
Email-ID update in Aadhaar is free
The Unique Identification Authority of India (UIDAI) has temporarily waived the Rs 75 fee for updating your registered email address on your Aadhaar card till December 31, 2026, beginning of July 1. Only mail ID modifications made via the official Aadhaar app are eligible for the offer. Thus, it still charges Rs 75 to update your email physically at an Aadhaar Seva Kendra, according to UIDAI.
Fees hike for passport applications
The Union government’s new regulations, which came into effect on July 1, have increased the application fee for a standard new passport with 36 pages from Rs 1,500 to Rs 2,500. In contrast to the previous Rs 3,500 fee, a Tatkal application for a new or reissued passport would now cost Rs 5,000, according to the Passport Seva portal.
New penalty fees for Indian railway passengers
The minimum fee for travellers travelling without a valid ticket or pass has been raised by Indian Railways from Rs 250 to Rs 500 as of July 1, 2026. The rise was made possible by the Jan Vishwas Act of 2026, through amendments made under Sections 137 and 138 of the Railways Act of 1989, as per a gazette notification issued on June 19 by the Ministry of Railways.
Revised credit card rules for SBI and HDFC Bank customers
Customers with HDFC Bank Regalia Gold Credit Card will be subject to new credit card regulations as on July 1, 2026. Cardholders who spend Rs 60,000 or more in the preceding quarter are now eligible for three domestic lounge visits every calendar quarter, according to the official website of HDFC Bank.
On the other hand, effective July 1, 2026, SBI Card has revised the monthly reward points structure for PhonePe SBI Card SELECT BLACK Card. Under the revised rules, eligible PhonePe spends and eligible online spends are now capped at 2,000 reward points each per month, as per the announcements made on sbicard.com.
In addition, reward points on insurance spends are capped at 500 points, while other eligible spends carry a monthly cap of 1,500 points. Earlier, the overall monthly reward point cap was 1,000 points.
Besides the existing exclusions, no reward points will accrue on spends related to tolls and bridges, gifts and souvenirs, jewellery, educational institutions, utilities (made outside the PhonePe app), insurance (outside the PhonePe app), and UPI transactions conducted outside the PhonePe app.
On July 1, 2026, significant modifications to the reward points program were also implemented by SBI Card for holders of the PhonePe SBI Card PURPLE. Under the revised structure by SBI Card, eligible PhonePe spends and eligible online spends are each capped at 1,000 reward points per month. Reward points earned on insurance transactions are now capped at 250 points, while other eligible spends carry a monthly cap of 750 reward points. Previously, the overall monthly reward point cap was 750 points.
Reward points will no longer be awarded to cardholders for transactions involving tolls and bridges, gifts and souvenirs, jewellery, educational institutions, utilities, insurance payments made outside of the PhonePe app, and UPI transactions completed outside of the PhonePe app.
Disclaimer: The article has been prepared using information available in official notifications and announcements as of the date of publication. The publisher shall not be responsible for any financial loss arising from reliance on this information without independent verification.
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