The income tax return (ITR) filing schedule for the Assessment Year 2026-27 has undergone modifications that affect various categories of taxpayers. Individuals who are salaried and filing either ITR-1 or ITR-2 must ensure their returns are submitted by July 31, 2026. ITR-1 is designated for salaried individuals earning up to Rs 50 lakh annually, while ITR-2 accommodates those with additional income sources, including capital gains and agricultural earnings.

Additionally, the deadlines for filing ITR-3 and ITR-4 have been extended until August 31, 2026. These forms are relevant for professionals, businesses, and specific other taxpayers. This change aims to provide more time for those involved in various professions and business activities to complete their tax filings.

Updates to Aadhaar Services and Passport Fees

In a move aimed at easing the process for Aadhaar holders, updating an email address in the Aadhaar database has become free. The Unique Identification Authority of India (UIDAI) has eliminated the previous fee of Rs 75 for this service, allowing users to make updates without incurring costs until December 31, 2026.

Conversely, applying for a passport has become more expensive due to revised service charges. The Ministry of External Affairs has increased the fee for a standard 36-page passport to Rs 2,500 and the Tatkaal fee to Rs 5,000. For a 60-page passport, the standard application fee has risen to Rs 3,500, with the Tatkaal fee now set at Rs 6,000. These changes apply to new applications, renewals, and various passport-related services both within India and abroad.

Adjustments in Fuel Prices and Banking Regulations

Nayara Energy has announced a reduction in fuel prices for motorists across its extensive network of more than 7,000 outlets. Petrol prices have been decreased by Rs 5 per litre and diesel by Rs 3 per litre, following a decline in global crude oil rates following reduced tensions in West Asia. However, it is important to note that local taxes, such as VAT, will still influence the final pump price, resulting in variations from state to state.

The Reserve Bank of India (RBI) has introduced new regulations aimed at protecting consumers from the mis-selling of financial products. Under these guidelines, customers who fall victim to unfair selling practices will be eligible for a full refund of the purchase price, and in cases of financial loss, they may receive additional compensation. This initiative seeks to enhance customer protection and hold banking institutions accountable for the products they offer.

In addition, SBI Card has revised its reward points programme applicable to the PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK. Notably, reward points on PhonePe transactions and online spending will now be subject to caps, with certain spending categories no longer qualifying for points. Cardholders are advised to review these updated structures before making any purchases to maximise their benefits.

Changes to Airport Lounge Access and Conclusion

Furthermore, HDFC Bank has amended its policy on complimentary domestic airport lounge access available to eligible credit card holders. Customers can still enjoy three complimentary visits each calendar quarter, provided their expenditure in the previous quarter reaches at least Rs 60,000. Those who do not meet this requirement will forfeit their access to this benefit.

The upcoming changes impact various sectors of personal finance, including income tax returns, passport applications, and banking services. Staying informed about these updates can help individuals minimise costs and adhere to important deadlines, ultimately enabling them to take full advantage of the benefits introduced from July 1, 2026.

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