July 2025 has heralded a host of financial and travel-related rule changes are coming into effect for Indian citizens and residents.
These changes will impact everything from tax filing and PAN card applications to train ticket bookings and credit card usage.
As a new change, the Central Board of Direct Taxes (CBDT) has made Aadhaar verification mandatory for all new Permanent Account Number (PAN) card applications from July 1.Earlier, applicants could provide other government-issued IDs like a driver's license or birth certificate.Existing PAN holders who have not yet linked their PAN with Aadhaar have until December 31 to do so, failing which their PAN may be deactivated.
In so far as changes in the Railway regulations are concerned, the government has effected some new rules which include changes in railway ticket booking, primarily Booking Tatkal train tickets that will now require Aadhaar-based verification.The Indian Railways has also introduced new security measures for all ticket bookings.The Railways is also reportedly considering a minor fare hike, increasing it by 1 paisa/km for non-AC and 2 paise/km for AC coaches.
However, what comes a big relief concerning all, ITR filing deadline has been extended to September 15 now. The Income Tax Department has extended the deadline for filing Income Tax Returns (ITRs) from July 31 to September 15.From today, this gives an additional 46 days for individuals to file their returns. The experts, notwithstanding this extended time, recommend early filing to avoid last-minute technical glitches that are common as the deadline approaches.
In financial and banking sector, sector ,major banks revising credit card terms and services. Banks such as SBI, HDFC Bank, and ICICI Bank are revising their credit card terms, charges, and services from July 1. SBI will discontinue air accident insurance benefits on cards like SBI Elite and Miles.A new method to calculate the minimum amount due (MAD) for monthly bills will also be introduced.
HDFC Bank will charge fee on rent payments, other transactions. HDFC Bank will charge a 1% fee (capped at Rs4,999) on rent payments, online gaming spends above Rs10,000, utility bill payments over Rs 50,000/month (excluding insurance), and loading digital wallets with more than Rs 10,000 in one go.
ICICI Bank will continue to offer five free ATM withdrawals at its own ATMs. Beyond that, a charge of ₹23 will be levied.The first five at ICICI Bank ATMs remain free. After that you will be charged Rs 23 per transaction to withdraw cash. Non-financial transactions will continue to be free.If ICICI Bank customers use non-bank ATMs the number of free transactions is limited to three for Metro cities and five in smaller cities and towns.
Similarly, charges for online transfers, i.e., via IMPS, have been revised sharply, from Rs 2.5 to Rs 15 depending on the amount transferred.In addition, customers will get three free cash transactions per month at CRMs, or cash recycler machines, after which they must pay Rs 150 per transaction.
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