Financial Changes to Watch Out for in July 2025: Understanding the Impact on Your Budget and Banking

Strategic Insights -

July is starting with several critical financial changes that can directly impact your monthly budget and banking behavior. The extension of the ITR filing deadline, new Aadhaar verification rules for PAN cards, and revised service charges by major banks like SBI, HDFC, and ICICI are just a few of the updates you need to be aware of. Understanding these changes is essential to avoid unexpected charges and manage your finances better. From the mandatory Aadhaar details for new PAN card applications to the revised minimum amount due (MAD) calculation by SBI Card, there are several key updates that you should know about.

Key Takeaways:

  • The Central Board of Direct Taxes (CBDT) has made Aadhaar mandatory for new PAN card applications, effective from July 1, to promote transparency and digitalisation in the tax system.
  • The Income Tax Department has extended the tax return filing last date to September 15, giving taxpayers 46 days of extra time to discharge their ITR filing responsibility.
  • SBI Card will stop air accident insurance of up to 1 crore for ELITE, Miles Elite, and Miles Prime cardholders, effective from July 15.
  • SBI Card has revised the minimum amount due (MAD) calculation to include 100% of GST, 100% of EMI amount, 100% of fees/charges, 100% of finance charges, and overlimit amount (if any), effective from July 15.
  • HDFC Bank will levy additional charges on gaming expenses of more than Rs 10,000, utility bills of more than Rs 50,000 (excluding insurance), and wallet loading of more than Rs 10,000, effective from July 1.
  • ICICI Bank has revised several service charges, including ATM transactions, IMPS charges, cash transactions at branches, and third-party limits, effective from July 1.

Statistics:

  • 71.5 lakh income tax returns have been filed as of June 29 (Source: Income Tax Department).
  • 67.2 lakh returns have been verified as of June 29 (Source: Income Tax Department).
  • The updated ITR filing deadline is September 15 (Source: Income Tax Department).
  • The order of payment settlement for SBI Card will be adjusted against 100% of GST, 100% of EMI amount, 100% of fees/charges, 100% of finance charges, balance transfer, retail spends, and cash advance, in that order, effective from July 15.
  • The limit for deposit and withdrawal at ICICI Bank branches has been kept up to Rs 25,000 per transaction (Source: ICICI Bank).

Sources:

  • Central Board of Direct Taxes (CBDT)
  • Income Tax Department
  • SBI Card
  • HDFC Bank
  • ICICI Bank