Major financial changes in July: Revision of bank charges, new PAN rules, & ITR deadline extension

In July, significant financial changes have emerged, impacting various aspects of personal finance. One of the key updates is the revision of bank charges. Customers of SBI Card, among others, should brace themselves for adjusted fees, which could affect both credit card transactions and maintenance costs. This move aligns with banks' ongoing efforts to streamline operations and enhance service efficiency. Additionally, the government has introduced new regulations concerning Permanent Account Numbers (PAN). Aadhaar is now mandatory for obtaining a new PAN card, a step aimed at curbing tax evasion and ensuring better compliance. This change underscores the increasing integration of Aadhaar into financial systems, fortifying the government's efforts to create a unified identification framework. Lastly, taxpayers have been granted a reprieve with the extension of the income tax return (ITR) filing deadline. Originally slated for an earlier cutoff, the deadline has now been pushed to September 15. This extension provides individuals and businesses with additional time to compile necessary documentation and ensure accurate filings, offering some much-needed relief amid a busy financial season.

— Authored by Next24 Live