Insurance, direct tax twics are likely to Union Budget 2025 – CNBC TV18

With the Union Budget session around the corner, important legislative changes are estimated. The CNBC-TV18 has learned from those sources that the prolonged insurance amendment bill is likely to be affected. The proposal was initially expected during the winter session, it was postponed, but now slated for discussion.

The objective of this bill aims to increase overall license, increasing the foreign direct investment (FDI) in the insurance sector, which allows insurers to offer both life and non-life products, and represent many insurers Agents are empowered for.

In addition, the government can present amendment in direct tax laws. The primary attention is on simplification, with a significant decrease in the amount of law. The source explains the target of about 2 lakh words, potentially translates a decrease of 55–60% in the current law.

To improve clarity and access, the government is considering incorporating more tabular illustrations of income tax calculations. Additionally, evaluation year and financial year definitions can be modified. To streamline further processes, income tax forms are also expected to undergo logicization.

It is important to note that the purpose of these reforms is to simplify the tax system and increase the insurance sector, currently no major policy change.