New Delhi: From tomorrow, i.e. from July 1, many important rules related to finance and civil services are changing across the country. These can have a direct impact on your monthly budget, banking and daily life. There are various financial rule changes like the deadline for filing IT returns, linking email ID with Aadhaar, changes in the rules of some credit cards, etc.
1. Deadline for filing income tax returns
July 31 is the last day to file the ITR for the financial year. But from July 1, the tax department will make the verification process more stringent. It is advisable to file the ITR as soon as possible without any mistakes, otherwise you may have to pay a hefty penalty after the deadline.
2. Free email ID update in Aadhaar
The Unique Identification Authority of India (UIDAI) has made a huge offer to Aadhaar cardholders. The ₹75 fee for linking or updating email ID through the Aadhaar mobile app or portal has been completely waived. This free facility will be available for the next 6 months (till December 31).
3. HDFC Credit Card Rules Change
HDFC Bank is changing the Airport Lounge Access rules of its credit cards. From now on, to get free lounge facility, customers will have to spend at least Rs.60,000 in the previous quarter. For example, if you want lounge access during July-September, you should have spent Rs.60,000 between April-June.
4. SBI PhonePe Card Reward Points
The limit for earning reward points on the PhonePe variants of SBI card has been revised. Certain transactions will now be excluded from the reward points list.
5. Passport service fee hike
Getting a passport will become more expensive from July 1. The Ministry of External Affairs is increasing the fees for both normal and tatkal passport applications.
6. RBI takes tough action against mis-selling
The Reserve Bank of India is implementing a new rule to prevent banks from mis-selling financial products (insurance, investment schemes, etc.) to customers by giving false information to them. If the bank is proven to have cheated, customers will get a full refund and compensation for the loss.
7. EPFO 3.0 Digital Upgrade
The Employees’ Provident Fund Organisation is introducing ‘EPFO 3.0’ version to simplify its services. Through this new system, PF withdrawal will be possible very quickly using UPI and ATM network.
8. LPG cylinder price and railway rules
Like the first day of every month, LPG gas cylinder prices will be revised on July 1. The price of ATF fuels will also be revised. Similarly, the penalty for ticketless travel in the railways is also likely to be increased.