From July 1: Aadhaar-PAN Rule, New Bank Charges, And Tax Deadline Extension Take Effect
From July 1, 2025, a series of important financial changes will be implemented, impacting individual taxpayers and customers of major Indian banks including SBI, HDFC, and ICICI.
Mandatory Aadhaar for PAN and ITR Deadline Extension
The Central Board of Direct Taxes (CBDT) has announced that Aadhaar verification will be mandatory for new PAN card applications from July 1. This move aims to enhance tax compliance and promote digital integration. Previously, a valid ID and birth certificate were sufficient to obtain a PAN.
In a welcome move for taxpayers, the CBDT has extended the income tax return filing deadline for Assessment Year 2025-26. The new deadline is September 15, offering an additional 46 days beyond the earlier July 31 cut-off. Experts recommend filing early to avoid last-minute issues.
Revised Credit Card and Banking Charges by SBI, HDFC, and ICICI
SBI Card will discontinue its complimentary air accident insurance from July 15 on select premium cards such as ELITE and PRIME. It will also revise how the Minimum Amount Due (MAD) is calculated on credit cards to include GST, EMIs, fees, and more.
HDFC Bank will impose a 1% fee on rent payments, wallet reloads over Rs 10,000, utility bills above Rs 50,000, and gaming spends above Rs 10,000. A cap of Rs 4,999 applies per transaction. Customers can now earn up to 10,000 reward points per month for insurance payments.
ICICI Bank is introducing changes in ATM charges, IMPS fees, and cash transaction limits. After a set number of free transactions, additional ATM use and branch cash handling will incur fees.
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