Major Financial Updates Effective from July 1: Aadhaar-PAN Link, ITR Deadline, Train Ticket Rules & Credit Card Charges

 

Major Financial Updates Effective from July 1: Aadhaar-PAN Link, ITR Deadline, Train Ticket Rules & Credit Card Charges





From July 1, several new financial regulations are coming into effect in India, impacting everything from PAN card applications and ITR filing to train reservations and credit card transactions. Whether you're a taxpayer, a frequent traveler, or a credit card user, here’s what you need to know about the latest updates:

1. Aadhaar Now Mandatory for New PAN Card Applications

  • The Central Board of Direct Taxes (CBDT) has made it mandatory to verify Aadhaar for all new PAN applications starting July 1.
  • Previously accepted documents like a birth certificate or driver’s license will no longer suffice.
  • If you're an existing PAN holder and haven't yet linked it with Aadhaar, you have time until December 31.
  • Failing to link PAN with Aadhaar may result in your PAN becoming inactive, which can disrupt your financial operations and tax filing.

2. New Rules for Tatkal Train Ticket Bookings

  • Booking Tatkal train tickets will now require Aadhaar-based verification.
  • From July 15, two-factor authentication will be enforced on all ticket bookings—whether online or at counters—using an OTP sent to your registered mobile.
  • Indian Railways may also implement a slight fare increase:
    • 1 paisa/km for non-AC
    • 2 paise/km for AC coaches

3. Extended Deadline for ITR Filing

  • The Income Tax Department has extended the due date for filing Income Tax Returns (ITRs) to September 15, instead of the previous July 31 deadline.
  • This extension provides extra time for salaried taxpayers to complete and submit their returns.
  • It’s wise to file early to avoid potential technical issues as the deadline approaches.

4. Major Revisions in Credit Card Charges

Starting July 1, prominent banks such as SBI, HDFC, and ICICI will introduce updated credit card fees and service terms.

SBI Credit Card Changes:

  • The air accident insurance benefit on cards like SBI Elite and Miles will be withdrawn.
  • A new method for calculating the Minimum Amount Due (MAD) will be implemented for monthly payments.

HDFC Bank Credit Card Updates:

A 1% transaction fee (capped at ₹4,999) will now apply for:

  • Rent payments
  • Online gaming spends above ₹10,000
  • Utility bill payments exceeding ₹50,000/month (excluding insurance)
  • Loading e-wallets with over ₹10,000 in a single transaction

ICICI Bank Credit Card Revisions:

  • ATM Withdrawals:

    • First 5 withdrawals at ICICI ATMs: Free
    • Afterwards: ₹23 per transaction
    • At other ATMs:
      • 3 free withdrawals in metro cities
      • 5 free in non-metro areas
      • Post limit: ₹23 for cash, ₹8.5 for balance checks

  • International ATM Usage:

    • ₹125 for cash withdrawals
    • ₹25 for non-financial activities
    • 3.5% markup on foreign currency usage

  • IMPS Transfers:

    • Charges range from ₹2.5 to ₹15 depending on the transfer amount

5. Cash Deposit Limits and Charges at CRMs

  • The first three cash deposits per month at Cash Recycler Machines (CRMs) will remain free.
  • Beyond that, each deposit will cost ₹150.
  • If monthly deposits exceed ₹1 lakh, a fee of ₹150 or ₹3.5 per ₹1,000 (whichever is higher) will be applied.

Popular posts from this blog

IIT Madras Launches ₹200 Crore Alumni VC Fund to Back DeepTech Startups

Image
IIT Madras Launches ₹200 Crore Alumni VC Fund to Back DeepTech Startups IIT Madras to Raise ₹200 Crore for First-Ever Alumni VC Fund Focused on DeepTech Startups In a bold step to strengthen India’s startup ecosystem, IIT Madras has announced a ₹200 crore fundraising goal for its inaugural venture capital fund . The fund, named the IITM Alumni Fund , will focus on backing early-stage startups , especially in the deeptech and AI space , that originate from the institute's innovation ecosystem. 🔹 A Call to the Alumni Network Speaking on July 5, IITM Director Prof. V. Kamakoti appealed to alumni and the wider investor community to participate in this landmark initiative. “ Now is the time to give back. When you give, you get back, ” he said, drawing inspiration from a Tamil proverb. His message emphasized that the fund is not just about financial returns—but about deepening alumni engagement while propelling India's innovation landscape forward. 🔹 Building on a Strong Le...
Read more

Asian Paints Gets Double Upgrade by Jefferies: Why This 'Fallen Angel' Could Make a Strong Comeback

Image
Asian Paints Upgraded to ‘Buy’ by Jefferies: 3 Key Reasons for a Potential Turnaround Asian Paints has received a significant confidence boost from global brokerage firm Jefferies , which has issued a double upgrade , moving the stock rating from Underperform to Buy . The firm has also raised the target price to ₹2,830 , indicating an upside potential of around 13% from current levels. Jefferies believes that despite recent challenges in the consumer space, Asian Paints could be poised for a contrarian rebound . 1. Sector Struggles May Be Bottoming Out Jefferies highlights that many consumer-facing companies have been hit hard in recent quarters due to sluggish demand, intense competition, and shrinking margins . These headwinds have led to a significant dip in stock prices. However, there are now early signs of recovery in key areas like demand and margins , even though competition remains a concern. Stocks such as Asian Paints, HUL, and Varun Beverages have been identified ...
Read more

OnePlus 13 Launching in India on January 7: Full Specs, Features, and All You Need to Know

Image
OnePlus 13 Launching in India on January 7: Full Specs, Features, and All You Need to Know OnePlus 13 India Launch Set for January 7: Complete Details Inside Chinese smartphone brand OnePlus is all set to unveil its latest flagship, the OnePlus 13, in India and global markets on January 7, 2025. The device was originally introduced in China in November 2024. As the direct successor to the OnePlus 12, which debuted in India back in January 2024, the OnePlus 13 brings notable upgrades across performance, display, camera, and battery. OnePlus 13: Key Features and Specifications Operating System : Android 15 with OxygenOS 15 on top Display : 6.82-inch 2K+ LTPO AMOLED panel Refresh Rate : Adaptive 1–120Hz Glass Protection : Crystal Shield Super Ceramic Brightness : Up to 1600 nits (typical), 4500 nits (peak) PWM Dimming : 2160Hz high-frequency Processor : Qualcomm Snapdragon 8 Elite Available Variants in China : 12GB RAM + 256GB storage 12GB RAM + 512GB storage ...
Read more