Passport Fee Revision Takes Effect from July 1
The Ministry of External Affairs has revised service charges for both normal and tatkaal passport applications in India and overseas, effective July 1. According to the official notification, the fee for a 36-page passport under normal processing has increased by ₹100, while the tatkaal fee has gone up by ₹200. Overseas applicants will see a similar hike of $2 to $5 depending on the country.
ITR Filing Deadline Approaches
The income tax return (ITR) filing deadline for individual taxpayers remains July 31, but from July 1, late filing fees will apply for those who miss the initial deadline. The Income Tax Department has reminded taxpayers that the penalty for belated filing under Section 234F is up to ₹5,000, reduced to ₹1,000 for those with total income below ₹5 lakh.
HDFC-SBI Card Merger Comes into Effect
The merger of HDFC Bank and SBI Card's co-branded credit card portfolio takes effect from July 1. Existing cardholders will see unified billing and reward points, with the combined entity offering enhanced benefits. According to a joint statement, the merger aims to streamline operations and provide better customer service.
New Tax Rules for Crypto and Digital Assets
From July 1, the 1% tax deducted at source (TDS) on transfer of virtual digital assets will apply to all transactions exceeding ₹50,000 in a financial year. The Central Board of Direct Taxes clarified that this rule covers cryptocurrencies, NFTs, and other digital assets, with non-compliance attracting penalties.
Revised LPG Cylinder Prices
Oil marketing companies have announced a revision in LPG cylinder prices effective July 1. The price of a 14.2-kg domestic cylinder has been reduced by ₹15, while commercial cylinders see a ₹20 drop. This move is expected to provide relief to households and small businesses.
Changes in Mutual Fund LTCG Tax
Long-term capital gains (LTCG) tax on mutual funds has been aligned with equity-oriented funds from July 1. Gains exceeding ₹1 lakh will now be taxed at 10% without indexation, as per the Finance Act 2026. Financial advisors recommend reviewing portfolios to optimize tax liability.
