Big Financial Update: PAN-Aadhaar, ITR Deadline, Bank Charges, Credit Card rules change

Big Financial Update: July 1, 2025, brings a significant financial changes that will impact individuals and businesses across India. PAN-Aadhaar, ITR Deadline, Bank Charges, Credit Card rules change from today July 1.

Here’s a key updates:

1. PAN-Aadhaar Integration:

Mandatory Aadhaar for New PAN Applications: From July 1, 2025, it is compulsory to provide your Aadhaar number for verification when applying for a new PAN card. This aims to enhance tax compliance and prevent duplication.

Existing PAN-Aadhaar Linking Deadline: While the general deadline for linking existing PAN with Aadhaar was June 30, 2023, there’s a specific extension for those who obtained their PAN card using an Aadhaar Enrolment ID before October 1, 2024. These individuals must link their PAN with their actual Aadhaar number by December 31, 2025, to avoid their PAN becoming inoperative from January 1, 2026.

Consequences of Inoperative PAN: An inoperative PAN cannot be used for filing ITR, receiving TDS/TCS credits, or conducting various financial transactions. If you missed the June 30, 2023, deadline, you can still link your PAN-Aadhaar by paying a penalty of Rs 1,000, and your PAN will become operative within 30 days of successful linking.

2. ITR Filing Deadline Extended:

New Due Date: In a major relief for taxpayers, the Central Board of Direct Taxes (CBDT) has extended the Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2025-26 (Financial Year 2024-25) for individuals and HUFs (whose accounts are not required to be audited) from July 31, 2025, to September 15, 2025.

Reason for Extension: This extension has been granted due to extensive changes in the notified ITR forms for AY 2025-26 and the time required for system readiness and rollout of ITR utilities.

Self-Assessment Tax: While the ITR filing deadline is extended, experts suggest that interest under Section 234A should not be applicable if the ITR is filed and the entire self-assessment tax is paid on or before the extended deadline of September 15, 2025, as the due date itself has been extended.

3. Bank Charges and Credit Card Fees:

Several major banks are implementing revised charges on various services:

HDFC Bank:

A 1% fee will be levied on rent payments, wallet reloads above Rs 10,000, utility bill payments exceeding Rs 50,000, and gaming transactions over Rs 10,000.

A maximum charge cap of Rs 4,999 applies per transaction.

Credit card users can now earn up to 10,000 reward points per month on insurance premium payments.

SBI Card:

Complimentary air accident insurance on select premium cards will be discontinued from July 15.

The calculation of the Minimum Amount Due (MAD) on credit cards will be revised to include GST, EMIs, and other fees.

ICICI Bank:

Changes in ATM charges, IMPS fees, and cash transaction limits. After a set number of free transactions, additional ATM use and branch cash handling will incur fees.

Cash deposits over Rs 1 lakh will attract charges.

Deposits and withdrawals by third parties will be limited to Rs 25,000 per transaction.

Axis Bank:

Increasing charges for ATM transactions beyond free monthly limits for various account holders (savings, NRI, trust, Priority, and Burgundy). Out-of-network ATM withdrawals will now cost Rs 23 per transaction.

4. Indian Railways Updates:

Fare Increase: Indian Railways has increased passenger fares across various classes, effective July 1, 2025. The increase varies by class and distance, with non-AC mail/express trains seeing a 1 paisa per kilometer hike and AC classes a 2 paisa per kilometer hike. Second-class fares for journeys up to 500 km remain unchanged.

Mandatory Aadhaar for Tatkal Tickets: From July 1, 2025, Aadhaar authentication is mandatory for booking Tatkal tickets online via the IRCTC website and mobile app. By July 15, 2025, OTP-based Aadhaar authentication will become compulsory for all Tatkal bookings, including those made through PRS counters and authorized railway agents. This aims to curb misuse and ensure fair access.

5. GST Return Rules:

Stricter Compliance: From July 2025, the GST Network (GSTN) is introducing stricter rules for filing GST returns.

Non-editable GSTR-3B: The liability reported in Table 3 of Form GSTR-3B (monthly GST return) will be auto-populated from GSTR-1 and will be non-editable, directly addressing discrepancies between sales declared and tax paid.

Three-Year Time Bar: Taxpayers will not be able to file any GST return if it is more than three years late from the due date.

These changes emphasize the government’s push towards digital integration, enhanced tax compliance, and rationalization of various charges to improve financial stability and service delivery. It is advisable for individuals and businesses to stay informed about these updates to ensure compliance and avoid penalties.

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