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India to Tighten Tax Compliance, Raise Bank Fees and Bolster Payment Safeguards in July

Late-June preparations are under way for mandatory Aadhaar-PAN linkage, extended ITR deadlines, new transaction fees, revised banking charges, enhanced payment safeguards.

remittance tax
Pan-Aadhar Rule, Fresh Bank Charges & ITR Extention | Image: YouTube Screengrab
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Overview

  • The CBDT will require Aadhaar verification for all new PAN card applications from July 1 and has extended the ITR filing deadline to September 15.
  • From July 1, HDFC Bank will impose a 1% fee capped at Rs 4,999 on rentals, utility bills, online gaming and wallet-loading transactions above monthly thresholds.
  • ICICI Bank will charge Rs 23 for financial and Rs 8.50 for non-financial transactions after free ATM withdrawals, while Axis Bank will levy Rs 23 per transaction beyond its free limit.
  • Effective July 15, SBI Card will eliminate complimentary air accident insurance on select premium cards and overhaul its minimum due calculation to include full GST, EMIs, fees, finance charges and over-limit amounts.
  • Starting July 15, IRCTC will require Aadhaar OTP for Tatkal bookings, NPCI will let banks reprocess UPI chargebacks without manual approval and GSTN will lock GSTR-3B forms post-submission under a three-year filing deadline.