July 2025 is starting with many big money-related changes, which will directly affect the budget and banking behaviour of common people. From the extension of the last date of Income Tax Return (ITR) to changes in the service charges of banks and new rules related to credit cards, there are many important things that you need to know about. If you do not pay attention in time, then these changes can cause additional expenses or trouble for you.

Following are the changes coming into effect in July 2025

1. Aadhaar now mandatory for new PAN card applications

    Now if you want to apply for a PAN card, providing your Aadhaar details will be mandatory from July 1, according to the Central Board of Direct Taxes (CBDT). Till now, PAN card was made only with identity card and birth certificate, but now Aadhaar is being made mandatory for PAN applications to promote transparency and digitalisation in the tax system.

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    2. July 31st ITR filing deadline extended to September 15

      In a relief for crores of tax assessees, the Income Tax Department has extended the tax return filing last date to September 15, giving taxpayers 46 days of extra time to discharge their ITR filing responsibility. As of June 29, about 71.5 lakh income tax returns have been filed and 67.2 lakh returns have been verified. It is expected that this pace will pick up further in July and August as by now most salaried individuals would probably have received their Form 16 from their employers. Form 16 is a TDS (tax deducted at source) certificate that has all the necessary details about employee’s salary, investments eligible for deductions, exemptions and tax deposited by the employer on the employee’s behalf.

      3. SBI Card will stop air accident insurance

        If you use SBI Card ELITE, SBI Card Miles Elite, and SBI Card Miles Prime, then now the air accident insurance of up to 1 crore is going to be stopped. This change will come into effect from July 15. Also, the cover of Rs 50 lakh available on SBI Card PRIME and SBI Card Pulse is also being removed.

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        4. New calculation of Minimum Amount Due (MAD) of SBI Card

          SBI Card has changed the method of calculating the minimum amount due on credit card (MAD).

          From 15 July, minimum amount due (MAD) calculation will be as follows: 100% of GST + 100% of EMI amount + 100% of fees/charges + 100% of finance charges + overlimit amount (if any) + 2% of remaining balance outstanding.

          The Order of Payment Settlement will be as follows: Payment received against the Cardholder’s outstanding will be adjusted against 100% of GST, 100% of EMI amount, 100% of fees/charges, 100% of finance charges, balance transfer, retail spends and cash advance, in that order.

          This change will especially affect those who make only the minimum payment every month. Remember, just paying MAD keeps the interest going and the total payment can increase a lot.

          5. Changes in HDFC Bank’s credit card charges

            From July 1, HDFC Bank will levy additional charges on some of its transactions:

            Gaming expenses of more than Rs 10,000: 1% fee

            Utility bills of more than Rs 50,000 (excluding insurance): 1% fee

            Wallet loading of more than Rs 10,000: 1% fee, maximum Rs 4,999

            If you make expenses like rent, gaming or utility bills through credit card, then these additional charges will directly affect your pocket.

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            6. Changes in service charges of ICICI Bank

              ICICI Bank has also changed several service charges from July 1:

              ATM transactions:

              First 5 free financial transactions at ICICI ATMs

              After that Rs 23 per transaction

              3 free transactions in metros and 5 free transactions in non-metros at non-ICICI ATMs

              Then Rs 23 (financial) and Rs 8.5 (non-financial)

              IMPS charges:

              Charges from Rs 2.5 to Rs 15 depending on the transfer amount

              Cash transactions at branches:

              3 free transactions, then Rs 150 per transaction

              Charges of Rs 150 or Rs 3.5/Rs 1,000, whichever is higher, on cash deposits of more than Rs 1 lakh

              Third-party limit:

              Deposit and withdrawal limits The limit has been kept up to Rs 25,000 per transaction

              Summing up…

              The month of July is an opportunity for you to rethink your financial planning. Whether you are a taxpayer, a credit card user or a regular savings account holder — these changes can directly affect your expenses, savings and tax strategy. So understand these rules in time and make the necessary changes in your financial planning.