New Rules and Guidelines from 1st July 2025: Check Key Announcements in Banking Charges, Aadhaar PAN Linking, ITR Filing and More

From July 1, 2025, India will see drastic regulatory reforms in taxation, banking, and transport sectors. This is aimed to improve digital compliance, transparency, and customer protection.

These reforms are issued by the Central Board of Direct Taxes (CBDT) and the leading financial institutions. All of these reforms will be applicable to millions of taxpayers, banking customers, and travelers. Read along to get a detailed overview of these reforms-

Key Changes Effective July 1, 2025

1. Aadhaar Mandatory for Fresh PAN Card Applications

Source: Paytm

From July 1, 2025, the CBDT mandates Aadhaar verification for new PAN card applications. Previously, applicants would provide birth certificates and other legitimate forms of identification, but as of right now, they must provide an Aadhaar card for verification.

The goals of this action are to boost tax compliance, encourage digitalization in tax collection, and stop duplication and PAN card abuse.

Linking Procedure: It can be linked online by entering PAN and Aadhaar information on the Income Tax Department's e-filing portal and confirming with an OTP sent to the registered mobile number.

Current PAN holders: In order for their PAN to remain active, they must link it to Aadhaar by December 31, 2025, at the latest. The PAN will become inactive starting in 2026 if it is not linked.

2. Deadline for filing Income Tax Return (ITR)

Source: IndiaFilings

CBDT has extended the due date for filing ITR for AY 2025-26 to September 15, 2025, from the earlier July 31, 2025.

The extension provides taxpayers an additional 46 days to file returns, preventing last-minute rush and mistakes.

Early filing is also recommended to avoid technical problems and penalties.

3. Aadhaar Verification and OTP Compulsory for Tatkal Train Ticket Booking

OTP-based authentication associated with Aadhaar will be mandatory from July 15, 2025, for Tatkal booking, including PRS counters and Post agents.

Aadhaar authentication will be compulsory while reserving Tatkal train tickets through the IRCTC website, mobile application, and PRS counters from July 1, 2025.

Autonomous agents will be made to avoid booking Tatkal tickets during the first 30 minutes of the Tatkal reservation period (10:00–10:30 AM for AC classes, 11:00–11:30 AM for Non-AC classes) in order to check misuse and fraudulent bookings.

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4. Modification of Banking Charges and Credit Card Policies

Major banks such as SBI, HDFC, and ICICI are introducing new fees and modifying current charges from July 2025:

SBI Card:

Free air accident cover on certain premium cards (e.g., ELITE, PRIME) will be withdrawn from 15 July 2025.

GST, EMIs, and charges will be added to the calculation from Minimum Amount Due (MAD) on credit cards, which could raise the amount to pay as the minimum.

HDFC Bank:

1% per annum charge will be applied on rent payments, wallet reloads above ₹10,000, utility bills above ₹50,000, and gaming expenses above ₹10,000, but capped at ₹4,999 per transaction.

Rewards of up to 10,000 reward points per month can be earned by customers on insurance premiums.

ICICI Bank:

New IMPS charges and ATM charges will apply after exceeding free transaction thresholds.

Branch cash transaction fees above given limits will also be charged.

5. Simplification of UPI Chargeback Process

Banks will be authorized from 1st July 2025 to retry genuine declined UPI chargeback requests directly without approaching the National Payments Corporation of India (NPCI) for intervention.

This simplifies settlement of disputed or incorrect UPI transactions for customers with quicker refunds and least procedural delay.

Aadhaar verification for PAN application and Tatkal tickets on a compulsory basis, extended deadlines for tax filing, and revised banking charges will compel individuals and businesses to act quickly. It will save time and avoid the hassle of interruptions by staying informed and in line with the new rules.

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