No PAN Card without Aadhaar Verification is the highlight of the new changes application from July 1, 2025.

The Central Board of Direct Taxes (CBDT) has made Aadhaar verification mandatory for new PAN card applications, while the income tax return (ITR) filing deadline has been extended to September 15, 2025.

Meanwhile, SBI Card holders must note that the bank is withdrawing the complimentary ₹1 crore air accident insurance on select premium cards like SBI ELITE, Miles ELITE, and Miles Prime starting July 15.

Scroll down and check whether your digital locker, mutual funds nomination, digital wallet, etc., are safe or not.

What’s Changing from July 1st?

Here are the top updates taking effect:

Regulatory and Taxation Updates
New Compliance Requirements for Individuals and Businesses
Reporting Obligations under Income Tax, GST, and RBI
Financial Reforms in Banking and FinTech

The CBDT has extended the ITR filing deadline for AY 2025–26 from July 31 to September 15, offering an additional 46 days for salaried individuals. But don’t wait till the last minute — the income tax portal may face slowdowns closer to the deadline due to high traffic.

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PAN-Aadhaar Linking Rules for NRIs

If you are a non-resident Indian, and hold back accounts in India, or want to use your Aadhaar for other financial operations, then is it necessary to link your PAN Card with your Aadhaar Card.

Particulars	Details
Applicability	Non-Resident Indians (NRIs) earning taxable income in India
Mandatory Requirement	PAN-Aadhaar Linking
Deadline	June 30, 2025
Effective Date	PAN becomes inoperative from July 1, 2025, if not linked
Purpose	Essential for ITR filing and refunds

What are the New TDS Provisions under Section 194LBA?

REITS (Real Estate Investment Trusts) and InvITS (Infrastructure Investment Trusts) are one of the best investments that offer less-risky returns. That’s why as per Section 194LBA, TDS is deducted at 10% on interest or rental income distributed through REITS and InvITS.

Follow this table to keep a check on the new rules related to REITS and InvITS in 2025:

Particulars	Details
TDS Applicability	Income distributed through REITs/InvITs
For Resident Unit Holders	Lower TDS rate
Effective Date	July 1, 2025
Compliance Requirement	Ensure TDS deduction is accurate if you receive such income

What are the Changes in the GST Return Filing System?

Note: These changes are proposed and under pilot testing, not fully implemented yet.

Phase-3 Invoice Matching for B2B Invoices
Auto-Populated GSTR-1 and GSTR-3B
System-based reconciliation to reduce errors
Implementation starting July 2025 in pilot cities

If you want to know more about GSTR-1 and GSTR-2, then read these articles.

What is the New Definition of MSME?

A new definition of MSMEs (Micro, Small, and Medium Enterprises) in India, came into effect on April 1, 2025. This new definition is based on a dual criteria of investment and annual turnover. The new criterion will be applicable from July 1st, 2025.

Based on revised investment thresholds
Simplified registration norms
Applicable to Udyam-registered businesses

This change ensures ease of doing business and better policy targeting.

What are the New e-KYC Mandates for Fintech Wallets and NBFCs?

If you use Amazon wallet, Paytm wallet, PhonePay wallet or any other digital wallet to store your money, then this section is important for you:

Full e-KYC now mandatory for all wallet users
Deadline: June 30, 2025
Services to be suspended from July 1, 2025 if KYC not completed

The main aim of these guidelines is to secure the users from digital financial fraud in any case.

Also Read - How to Change Name in PAN Card

What is the Mutual Fund Nomination Deadline?

Deadline: June 30, 2025
From July 1, 2025, folios without nomination or opt-out will be frozen for debit transactions
Applies to new and existing investors
Ensures smoother transmission of assets and compliance

Important TDS and GSTR Deadlines in July 2025

Date	Compliance Activity
7th July	TDS deposit for June
10th July	Filing of GSTR-7 and GSTR-8
11th July	GSTR-1 filing for monthly taxpayers
13th July	GSTR-6 for Input Service Distributors
15th July	PF/ESI payment due for June
20th July	GSTR-3B filing for monthly filers
30th / 31st July	TDS Return for Q1 and Advance Tax payments

Conclusion

With sweeping changes across taxation, compliance, fintech, and mutual fund investments, July 2025 is an important month for Indian taxpayers and investors. Whether you're salaried, an NRI, or a small business owner, it’s essential to stay informed and compliant. Missing deadlines or ignoring these updates may lead to suspended services, inoperative accounts, or legal troubles.

Pro Tip: Don’t wait until the last moment—complete your ITR, KYC, and nominations early and review your bank and investment accounts for pending updates.

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