July Updates: PAN-Aadhaar Rules, New Bank Charges, and ITR Deadline Extension

Quick Summary

• ITR Filing Deadline Extended: central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITR) from July 31, 2025, to September 15, providing taxpayers an additional 46 days.
• PAN Card Aadhaar Verification Mandated: Aadhaar verification is now required for obtaining a new Permanent account Number (PAN) card starting July 1.
• SBI Credit Card Insurance Withdrawn: Complimentary air accident insurance on SBI cards like ELITE and PRIME will be discontinued effective July 15. Calculation of Minimum Amount Due (MAD) on SBI credit cards has also been revised to include GST,EMIs,and fees.
• HDFC Fees for Transactions: Changes in charges by HDFC Bank include a capped fee of Rs 4,999 per transaction for rental transactions above Rs 10,000 per month and gaming expenditures exceeding Rs 10,000 per month among others.
• ICICI ATM Charges Revised: ICICI Bank will charge Rs 23 per financial transaction beyond the first five free financial transactions at its ATMs each month starting July.

Indian Opinion Analysis

The announced financial changes reflect ongoing efforts towards regulatory compliance and digital integration in India’s financial systems while having significant implications for individual taxpayers and account holders. The extension of the ITR deadline provides relief to individuals navigating tax management but highlights the importance of early filing processes to avoid system overload closer to deadlines.

Mandatory Aadhaar verification aligns with India’s push toward enhanced identification systems but may pose challenges in regions with limited access to Aadhaar services or digital infrastructure.

Bank-driven revisions such as lowered complimentary benefits by SBI Cards or increased charges by HDFC may impact consumer decisions regarding transactional methods while incentivizing careful spending beyond fee thresholds established by these institutions. These changes emphasize customer obligation toward understanding updated banking policies that could indirectly affect personal finance management across diverse demographics.

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