From PAN-Aadhaar linking to credit card fee revisions, a host of financial rule changes have taken effect across India starting July 1, 2025. These updates, mandated by various authorities including the Central Board of Direct Taxes (CBDT) and Indian Railways, are designed to strengthen compliance and improve security—but they could also alter how you manage everyday transactions.
Here’s a concise and comprehensive breakdown of all the changes that impact taxpayers, rail passengers, and credit card users.
Aadhaar Now Mandatory for New PAN Card Applications
Effective immediately, Aadhaar verification is compulsory for all new PAN card applicants. Previously, individuals could submit alternative identification, such as a driver’s license or birth certificate.
Existing PAN holders who haven’t linked their PAN with Aadhaar now have until December 31, 2025, to do so. Non-compliance will result in PAN deactivation, which can impact tax filings and financial operations.
🚆 Aadhaar-Based Verification Required for Tatkal Train Tickets
Indian Railways has introduced stricter booking norms:
- Aadhaar verification is now mandatory for all Tatkal ticket bookings.
- Two-factor authentication (including OTP verification) will be enforced for both online and offline ticket purchases starting July 15.
Additionally, a fare revision is under consideration:
- ₹0.01/km hike for non-AC travel
- ₹0.02/km increase for AC travel
🧾 ITR Filing Deadline Extended
In a welcome move for taxpayers, the deadline for filing Income Tax Returns (ITRs) has been extended:
- New deadline: September 15, 2025 (previously July 31)
- The 46-day extension provides more flexibility, especially for salaried individuals.
Experts advise early filing to avoid last-minute errors and system slowdowns.
💳 Major Credit Card Fee & Policy Updates
India’s leading banks—SBI, HDFC Bank, and ICICI Bank—have rolled out significant revisions to credit card usage, fees, and transaction guidelines:
SBI Credit Card Changes
- Air accident insurance has been discontinued for SBI Elite and SBI Miles cards.
- A new method has been introduced for calculating the Minimum Amount Due (MAD) on statements.
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HDFC Bank Credit Card Revisions
- 1% transaction fee on:
- Rent payments (capped at ₹4,999)
- Online gaming above ₹10,000
- Utility bill payments exceeding ₹50,000/month (excluding insurance)
- Wallet top-ups over ₹10,000 in one transaction
ICICI Bank Fee Hikes
- ATM Transactions:
- First 5 withdrawals at ICICI ATMs remain free. Post that: ₹23/transaction
- Non-ICICI ATMs: 3 free (metro cities), 5 free (non-metros). Charges: ₹23 (withdrawals), ₹8.5 (non-financial)
- International ATM:
- ₹125 for cash withdrawals
- ₹25 for balance or inquiry
- 3.5% foreign exchange markup
- IMPS Charges: ₹2.5–₹15 based on transaction value
- Cash Deposit Charges:
- First 3 CRM deposits: Free
- ₹150 per transaction after the limit
- Monthly deposits over ₹1 lakh: ₹150 or ₹3.5 per ₹1,000 (whichever is higher)
Why This Matters
These reforms are aimed at:
- Enhancing regulatory compliance
- Improving consumer data security
- Encouraging the use of verified digital services
However, the updates also bring new costs and stricter guidelines, which could be inconvenient for unprepared users.
Stay Informed
To avoid disruptions in your financial activities:
- Link your PAN and Aadhaar before the deadline
- Plan travel bookings with the new IRCTC norms in mind
- Monitor credit card usage to sidestep avoidable charges
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Disclaimer:
All the information in the blog is for educational purposes only. I am not a SEBI-registered advisor. Please consult with a qualified financial planner or do your research before making any investment. Please read the official documents and circulars for final confirmation of the policy details.
FAQs
1. Is Aadhaar mandatory for applying for a new PAN card from July 1, 2025?
Yes. As per the latest directive, Aadhaar verification is now compulsory for all new PAN card applications from July 1, 2025. Other forms of ID are no longer accepted.
2. What is the new deadline for filing Income Tax Returns (ITRs)?
The deadline for filing ITRs for the financial year has been extended from July 31 to September 15, 2025, offering taxpayers additional time for compliance.
3. Do I need Aadhaar verification to book Tatkal train tickets?
Yes. Aadhaar-based authentication is now required for booking Tatkal tickets. From July 15, two-factor authentication, including OTP verification, will be enforced for both online and offline bookings.
4. What are the major changes to credit card charges starting July 1, 2025?
Banks like SBI, HDFC, and ICICI have updated their credit card terms:
SBI removed air accident insurance benefits.
HDFC introduced new fees for rent, wallet top-ups, and utility bill payments.
ICICI revised ATM withdrawal limits, imposed new IMPS charges, and changed cash deposit fee structures.
5. What happens if I don’t link my existing PAN with Aadhaar by December 31, 2025?
Your PAN may be deactivated, which can disrupt your ability to file taxes, invest, or carry out financial transactions that require PAN verification.
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