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Starting July 1, a range of new rules will come into effect that could impact your everyday transactions, from filing income tax returns and applying for a PAN card to booking train tickets and using your credit card.
Here’s a breakdown of the major changes that will affect taxpayers, bank customers, and railway passengers across India:
Aadhaar now mandatory for new PAN card applications
From July 1, the Central Board of Direct Taxes (CBDT) has made Aadhaar verification compulsory for all new PAN card applications. Until now, applicants could submit other government-issued IDs such as a driver’s licence or birth certificate.
- Existing PAN holders who haven’t yet linked their PAN with Aadhaar have until December 31 to do so.
- Failure to comply could result in PAN deactivation, impacting tax filings and financial transactions.
Aadhaar verification needed for Tatkal train tickets
Booking Tatkal train tickets will now require Aadhaar-based verification. The Indian Railways has also introduced new safety measures for all ticket bookings.
- From July 15, two-factor authentication will be mandatory for both online and counter bookings. This includes a one-time password (OTP) sent to the registered mobile number.
- Additionally, the Railways is reportedly considering a minor fare hike, with an increase of 1 paisa per km for non-AC and 2 paise for AC coaches.
ITR filing deadline extended
In a relief to taxpayers, the Income Tax Department has extended the deadline for filing Income Tax Returns (ITRs) from July 31 to September 15.
- The extension offers an additional 46 days to salaried individuals to complete their filings.
- Experts advise filing early to avoid last-minute technical glitches that are common as the deadline nears.
Changes to credit card fees and services
Major banks including SBI, HDFC Bank, and ICICI Bank are revising their credit card terms, charges, and services starting July 1.
SBI credit card changes:
- The air accident insurance benefit offered on cards like SBI Elite and SBI Miles will be discontinued.
- A new method of calculating minimum amount due (MAD) for monthly bills will be introduced.
HDFC bank credit card revisions:
- A 1% transaction fee (capped at ₹4,999) will apply to:
- Rent payments
- Online gaming spends over ₹10,000
- Utility bill payments exceeding ₹50,000/month (except insurance)
- Loading digital wallets with more than ₹10,000 in a single transaction
ICICI bank fee hikes:
- First 5 ATM withdrawals at ICICI ATMs remain free; post that, a ₹23 charge applies.
- At non-ICICI ATMs, free limits are:
- 3 in metro cities
- 5 in non-metro areas
- Post-limit charges: ₹23 for withdrawals, ₹8.5 for balance/non-cash inquiries
International ATM withdrawals will attract:
- ₹125 for cash withdrawal
- ₹25 for non-financial transactions
- 3.5% foreign currency markup
- IMPS (online transfers) charges revised to between ₹2.5 and ₹15 based on amount.
Cash deposit limits:
- First 3 transactions at Cash Recycler Machines (CRMs) free
- Beyond that: Rs150 per transaction
- Monthly cash deposits over ₹1 lakh will attract a charge of ₹150 or ₹3.5 per ₹1,000, whichever is higher
Why It Matters
These changes aim to tighten compliance, streamline digital services, and align with security best practices. However, they may also bring additional costs and inconvenience for consumers who aren’t prepared.
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