The North News
Chandigarh, July 1
A series of regulatory changes across financial services, taxation, and public transport came into force across India on Tuesday, affecting millions of citizens in their day-to-day activities—from filing income tax returns to booking train tickets and using credit cards. The Central Board of Direct Taxes (CBDT) has now made Aadhaar verification mandatory for all new PAN (Permanent Account Number) applications. Previously, alternate identification proofs were accepted. Existing PAN holders have been given until 31 December 2025 to link their Aadhaar with their PAN, or risk having their PAN deactivated—a move that could hinder income tax filings and financial transactions.
Meanwhile, the Income Tax Department has extended the deadline for filing income tax returns (ITR) for individuals from 31 July to 15 September, providing more time for taxpayers amid the ongoing changes. The Indian Railways has also introduced stricter booking procedures. Starting today, Aadhaar verification is required for Tatkal bookings. From 15 July, two-factor authentication—including a one-time password (OTP) sent to a registered mobile number—will be mandatory for all train ticket bookings, whether online or at physical counters. Additionally, the Railways is considering a minor fare hike, with a proposed increase of 1 paisa per km for non-AC coaches and 2 paise per km for AC coaches, although a formal announcement is yet to be made.
In the banking sector, major banks including SBI, HDFC Bank, and ICICI Bank have rolled out revised credit card charges and service terms effective 1 July.
- SBI will discontinue air accident insurance benefits on certain cards and revise its calculation method for the Minimum Amount Due (MAD).
- HDFC Bank will begin levying a 1% fee on rent payments, gaming transactions exceeding ₹10,000, large utility bill payments, and wallet top-ups.
- ICICI Bank will introduce new ATM usage charges, update IMPS transaction fees, and apply charges on cash deposits over ₹1 lakh.
