Key financial changes coming in July: From Aadhaar-PAN rule to new bank charges

From July, several important financial changes will come into effect, directly impacting individual taxpayers and bank customers.

- AGENCIES

These include a new Aadhaar verification rule for PAN applications, an extended deadline for income tax return filing, and revised charges on credit cards and banking services by leading banks like SBI, HDFC Bank, and ICICI Bank.

Starting 1 July, individuals applying for a new PAN card will have to undergo mandatory Aadhaar verification.

This new rule, introduced by the Central Board of Direct Taxes (CBDT), is aimed at boosting tax compliance and digitisation. Until now, a valid ID and birth certificate were enough to get a PAN card.

In a major relief to taxpayers, the CBDT has also extended the deadline to file income tax returns for the assessment year 2025-26.

The new deadline is 15 September, giving salaried individuals 46 extra days beyond the original 31 July cut-off.

However, tax experts advise starting the process early to avoid last-minute technical issues on the income tax portal.