New Financial Rules: Many new financial rules are going to be implemented from July 1, 2025, which will affect your pocket. Knowing about these new changes in advance will help you avoid any loss and be prepared in advance. From mandatory Aadhaar to new credit card rules, many important changes will be implemented from July 1. Let us tell you about it.
Aadhaar verification is mandatory for new PAN card
The Central Board of Direct Taxes (CBDT) has announced that Aadhaar verification will be mandatory for new PAN card applications from July 1. Its purpose is to increase tax compliance and promote digitization. Let us tell you that earlier a valid ID and birth certificate was required to get a PAN card, but from July 1, PAN cannot be made without an Aadhaar card.
ITR filing deadline extended
The CBDT has extended the last date for filing ITR to September 15, 2025, which was earlier scheduled to end on July 31, 2025. This will give taxpayers more time to file their returns without any haste, thereby reducing the chances of errors and incorrect filing.
Revision of credit card and banking charges by SBI, HDFC and ICICI Bank
From July 15, 2025, SBI Cards will revise its minimum amount due calculation for credit card bills to include the full GST, EMI amount, charges, finance charges and over-limit amount, plus 2% of the remaining unpaid balance. Payments will be made in a fixed order, with priority given to GST, EMIs, fees, finance charges, balance transfers, retail transactions and cash withdrawals. Also, SBI Cards will discontinue complimentary air accident insurance, eliminating the Rs 1 crore cover for Elite, Pulse and Miles Elite cards and Rs 50 lakh cover for Prime and Miles Prime cards, affecting both existing and new cardholders.
From July 1, 2025, HDFC Bank will charge a 1% fee on online gaming and wallet load transactions exceeding Rs 10,000 per month, capped at Rs 4,999. No reward points will be earned on these. Utility bill payments above Rs 50,000 (consumer cards) or Rs 75,000 (business cards) will attract a 1% fee, capped at Rs 4,999, while rent, fuel (above Rs 15,000 or Rs 30,000 depending on the card variant) and education payments through third-party platforms will continue to attract a 1% fee, capped at Rs 4,999 per transaction. Reward points on insurance will be limited to 10,000 for Infinia/Infinia Metal, 5,000 for Diners Black/Biz Black Metal and 2,000 for most other cards, with no limit for Marriott Bonvoy cards; however, all charges will be subject to GST.
Axis Bank increased ATM usage charges
Following many other banks, Axis Bank has announced to increase ATM transaction charges above the free limit from Rs 21 per transaction to Rs 23 per transaction from July 1, 2025. This change will affect both Axis and non-Axis ATM users. Let us tell you that many other lenders had already increased ATM charges from May 1 to cover rising operational costs and provide better service.
Most Read Articles:-
-
Tatkal Ticket: From July 1, these people will not be able to book Tatkal train tickets, know details
-
ICC made changes in the 2 new ball rules in ODIs, now bowlers will benefit! Know how to get the benefit
-
NHAI’s new initiative after annual FASTag, new feature will be available in the app
-
India Post to start accepting digital payments from august 2025 – check details
-
Railways Waiting List Rules: Railways changed another big rule regarding ticket booking! Check all details here
