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EXCERPT: June 30 is the last day of the first quarter of the current financial year. There are quite a few significant financial change lined up to take place from July 1. If the government chooses to cut small savings interest rates, then there will be mor changes from tomorrow.
Kolkata: The first day of every month is significant for it brings about a few changes in our financial matters. The first day of every quarter assumes even bigger significance, since it could a date when the government resets the rate of interest of small savings instruments which is great significance to the lives of millions and millions of Indians. July 1 marks the beginning of the second quarter of the current financial year and a lot of financial changes are set to take place from tomorrow July 1.
These changes are in the domains of banking and train ticket bookings. There are tax deadlines from TDS (tax deducted at source) deposits and certificate issuance to quarterly statements and filing obligations. By the way, the deadline for filing ITR (income tax returns) for those whose accounts do not need audits has been extended to September 15 this year.
ATM transaction fees
Despite the proliferation of digital payments and the galloping popularity of UPI, banks ATMs continue to occupy a significant place in the lives of common people in India. Axis Bank is supposed to revise ATM transaction fee from Tuesday, July 1, 2025. The step is supposed to affect various accounts, including savings and NRI accounts. The fee for financial transactions conducted at ATM machines beyond the free limit is set to rise from Rs 21 to Rs 23 per transaction. This change will affect both Axis and non-Axis ATM users, including Priority and Burgundy category customers.
The adjustment reflects increased operational costs and aims to improve service delivery. Customers are advised to assess their transaction habits to mitigate these charges. Additionally, it's crucial for customers to stay informed about these changes to avoid unexpected fees and manage their finances more effectively.
PAN and Aadhaar
Obtaining an Aadhaar number and undergoing Aadhaar verification will undergo a change from tomorrow. Those applying for a new PAN card, will need to verify an Aadhaar number and undergo Aadhaar verification. This rule has been announced by CBDT (Central Board of Direct Taxes). This could help digitisation and tax compliance. Right now, a valid identity card and birth certificate are sufficient for new PAN card applications.
Banking services
ICICI Bank will also introduce updated service charges effective July 1, 2025. This revision will affect charges across several banking services such as ATM transactions at non-ICICI ATMs, cash deposits and withdrawals. It will also impact money transfers via IMPS. Most important, the changes will pertain to both metro and non-metro areas. Bank customers should have a look at this changes to take note of higher costs which they might incur.
SBI card withdrawing air insurance
SBI Card has decided to withdraw complimentary air accident insurance. This benefit was given when flight tickets were bought using its cards. From July 15 this benefit is being withdrawn against the backdrop of the Ahmedabad air crash. Users of cards such as SBI Card ELITE, Miles ELITE, Miles PRIME (insurance of Rs 1 crore) and SBI Card PRIME and PULSE (Rs 50 lakh) should take note.
Tatkal bookings on Indian Railways
Come mid-July and there will be some changes in railway tatkal bookings. If you want to book tatkal tickets from July 15, you will need to conduct Aadhaar-based OTP authentication. This additional layer of verification will be needed for tickets purchased at computerised passenger reservation system counters and also authorised agents.
That is not all. Agents will be restrained from booking Tatkal tickets in the first 30 minutes of the booking window opening every morning. The authorities have thought of this step to check fraudulent bookings. These measures are designed to ensure a more fair booking process for all passengers.
Income Tax changes
July 1 marks the beginning of Q2 of FY26. According to the rule, by July 7 businesses and individuals must deposit TDS or TCS deducted in June and upload Form 27C for no-TCS declaration compliance. By July 15 several filings have to be made -- TCS returns for April–June, TDS certificates for May payments, form 15CC for foreign remittances and declarations via Form 15G/15H which are needed for no TDS claims for non-senior and senior citizens. Also by the last date of July, TCS certificates for Q1 and challan-cum-statements for crypto transactions become due.
Also, there might be changes in the price of LPG cylinders as well as ATF. The prices of these are usually revised on the last date of a month. However, it is not necessary that it must be revised.
