Cabinet meeting: The new income tax bill can be approved in the cabinet meeting to be held this evening. Along with this, the Insurance Act Amendment Bill can also be discussed in the cabinet. What can be the changes, while talking about this, CNBC-Awaaz Economic Policy Editor Laxman Roy and Yash Jain of CNBC-TV18 gave special information. What changes can be made in the Insurance Act Amendment Bill. Giving information about this, Yash Jain said that there can be talk on 5 issues in the Insurance Act Action Bill. The first is that the approval of 100 % FDI in the insurance sector can be discussed. Unlisted insurers companies will benefit greatly. This will increase competition in the sector.
Second is that approval of Composite Insurance License is possible. This will benefit all insurance companies. Life insurance companies will be able to enter health insurance businesses. Health insurance companies will be able to enter the life insurance business.
The merger can also be discussed with the non -insurance company of the insurance company. This will benefit Max Financial the most. Due to this, merger/amalgamation between insurance and non -insurance company. Currently, the merger of the insurance company is done by another insurance company.
The cabinet may also be decided on the issue of agreement with the second insurance company of agents in the cabinet today. It will be very negative for LIC and SBI Life. At the same time, private life will be positive for insurance companies. Right now the agent can only tune with a life, a general and a health insurance company. Along with this, changes in investment regulation of insurance companies in the cabinet will also be discussed. It is positive for all insurance companies including LIC.
There is no concern about SBI’s deposit and loan growth, rate cut will have very little impact on margin -SBI management
What is new in the new income tax bill?
Laxman Roy, Economic Policy Editor of CNBC-Awaaz, said that the Income Tax Bill 2025 is possible today from the cabinet. The next week, Yeel can be introduced in the Lok Sabha. Along with introducing the bill, the Finance can be sent to the Standing Committee of Parliament. Changes are possible in some deductions and rebate rules. According to information received by sources, there may be a big change in the provision related to standard deduction. The boundary of deduction and rebate can change without amending the Act.
According to sources, there is a possibility of many such important changes in the Income Tax Act. Now the word tax year can be used instead of assessment year. Illustrations and tables can be used to make tax rules easier. Instead of explanation and provisions, guiding notes are being considered. Words with British references like “Notwithstanding” can be removed.