Aadhaar-PAN Rule, New Bank Charges, and Tax Deadline Extension Take Effect

Starting July 1, 2025, several important financial changes will come into effect. These changes will impact individual taxpayers and customers of major Indian banks, including SBI, HDFC, and ICICI.

Aadhaar Mandatory for PAN & ITR Filing Deadline Extended
The Central Board of Direct Taxes (CBDT) has made Aadhaar verification mandatory for all new PAN card applications. Earlier, applicants could use a valid ID and birth certificate. Now, this change aims to boost tax compliance and support digital integration.

Moreover, the CBDT has extended the income tax return (ITR) filing deadline for Assessment Year 2025–26. Taxpayers now have until September 15, which is 46 days beyond the earlier deadline of July 31. Therefore, experts advise filing early to avoid technical issues or late fees.

Revised Charges by SBI, HDFC, and ICICI
SBI Credit Card Updates
From July 15, SBI Card will discontinue complimentary air accident insurance on select premium cards like ELITE and PRIME. Additionally, it will revise the calculation of the Minimum Amount Due (MAD). This new method will include GST, EMIs, fees, and other charges.

HDFC Bank’s New Fees
HDFC Bank will now charge a 1% fee on several categories. These include rent payments, wallet reloads over ₹10,000, utility bills above ₹50,000, and gaming spends beyond ₹10,000. Furthermore, a cap of ₹4,999 will apply per transaction. On a positive note, customers can earn up to 10,000 reward points monthly for insurance payments.

ICICI Bank’s Transaction Changes
ICICI Bank is also updating its fee structure. Changes will apply to ATM charges, IMPS fees, and cash transaction limits. After a certain number of free ATM or branch visits, extra usage will incur additional fees.