July 2026 is going to be a very important month considering financial transactions. From ITR filing deadlines to the introduction of UPI-based PF withdrawals and revised credit card benefits, several important financial changes are set to take effect in July which will affect the financial transactions of salaried employees, taxpayers and credit card users. People must be aware of these latest financial rules to stay updated as these reforms will change how individuals conduct their transactions.
1. ITR filing deadlines
The ITR filing deadline for AY 2026-27 is on July 31, 2026 for taxpayers filing ITR-1 and ITR-2. This deadline applies to most salaried individuals and HUFs whose accounts do not require an audit. Failing to file your ITR by the July 31st, 2026 deadline will result in a late-filing fee, additional interest on unpaid taxes and limitations on carrying forward eligible losses to future assessment years. For non-audit businesses and professionals filing ITR-3 or ITR-4, taxpayers whose accounts are subject to tax audit and taxpayers covered under transfer pricing provisions the deadline is August 31, 2026.
2. PF withdrawals using UPI expected to begin
The Employees’ Provident Fund Organisation (EPFO) is preparing to launch the facility where subscribers will be able to withdraw provident fund money directly through the Unified Payments Interface (UPI) with the money being transferred directly into the bank account of the member. As part of EPFO 3.0, the instant withdrawals through UPI will make withdrawals quick and hassle-free. The PF withdrawal through UPI is likely to start from July.
3. DA revision awaited
Dearness Allowance (DA) is another key development expected in July. The government revises DA hikes twice a year, once in March for the January-June period and again in September/October for the July-December period. Millions of central government employees and pensioners will closely watch the upcoming revision of the DA, a crucial component of salaries and pensions for government employees and pensioners. Millions of employees are eagerly awaiting an increase in DA which serves as a financial buffer against inflation, adjusts take-home pay and ensures purchasing power is maintained.
4. HDFC Bank credit card benefits
Starting July 1, HDFC Bank Regalia Gold Credit Card users will have to meet new quarterly spending thresholds to retain complimentary domestic airport lounge access. Eligible cardholders presently can access participating domestic airport lounges without any spend-based condition. However, access will be conditional from July. Customers will continue to receive up to three complimentary domestic lounge visits per calendar quarter but only after meeting the spending threshold. Under the revised policy, Regalia Gold customers must spend at least Rs 60,000 in the previous calendar quarter to qualify for complimentary domestic airport lounge access in the next quarter.
5. SBI Card reward point caps
SBI Card has announced changes to the reward point program for PhonePe SBI Card Purple and PhonePe SBI Card Select Black variants which will come into effect from July 2026. Effective July 1, SBI will impose monthly caps on reward points earned through various spending categories on these cards. Separate limits will apply to insurance-related spending and other categories of expenditure. The maximum reward points available on online transactions will also be reduced.
