Starting July 1, 2025, several important changes in the financial sector will come into effect, impacting individual taxpayers, bank customers, and railway travelers. These changes include new regulations for Aadhaar-PAN linking, increased banking fees, and adjustments in railway ticket prices. Below are some of the key updates that individuals should be aware of:
Aadhaar-PAN Linking
In a significant move, the Central Board of Direct Taxes (CBDT) has made it mandatory for all new PAN applications to undergo Aadhaar verification. This will ensure that Aadhaar is linked with PAN for better tracking of financial activities. Existing PAN holders must also link their Aadhaar numbers by December 31, 2025, or face the risk of their PAN being deactivated.
Tatkal Ticket Bookings
Aadhaar verification will now be required for booking Tatkal tickets, effective from July 1. Additionally, from July 15, a two-factor authentication process will be implemented for all ticket bookings, whether online or in-person. A one-time password (OTP) will be sent to the registered mobile number to confirm bookings.
ITR Filing Deadline Extended
The CBDT has extended the Income Tax Return (ITR) filing deadline from July 31 to September 15, providing taxpayers with an additional 46 days to complete their filings. This extension is especially beneficial for salaried individuals, but those with prepared documentation are advised to file earlier to avoid the usual end-of-deadline technical issues.
Credit Card Changes
Several banks, including SBI, HDFC, and ICICI, are introducing changes to their credit card terms. SBI will discontinue air accident insurance for select premium cards, while HDFC will implement a one per cent fee on rent payments or online skill-based game expenses exceeding Rs 10,000. Additionally, HDFC will apply the same fee for utility payments above Rs 50,000. ICICI will revise ATM and service charges, including a Rs 23 fee after the first five transactions at its ATMs.
ATM Withdrawal Fees
For ICICI Bank customers, the first five ATM withdrawals per month are free at ICICI ATMs. Beyond that, customers will be charged Rs 23 per transaction. Withdrawals at non-ICICI ATMs will be limited to three free transactions in metro cities and five in smaller towns, after which fees of Rs 23 and Rs 8.5 will apply, respectively. International ATM withdrawals will incur a charge of Rs 125 per transaction.
Railway Ticket Price Hike
The Indian Railways is expected to implement a minor increase in ticket prices starting July 1. The price hike could range from 1 paisa per kilometer for non-AC coaches to two paise for AC coaches, signaling a slight adjustment in ticketing costs.
These changes, especially in banking fees and Aadhaar verification processes, will have a broad impact on Indian citizens, and individuals are advised to prepare for the changes in order to avoid any inconveniences.
