With the Parliament’s monsoon session set to begin on July 21, four new economic bills are expected to be discussed – including the Income Tax Bill, Insurance Bill, Bill for Banning of Unregulated Lending Activities and the Insolvency and Bankruptcy Code (IBC) Amendment Bill.
The monsoon session will continue for a month, until August 21.
Sources say the Finance and Corporate Affairs Ministries have decided to move these four bills; one of which, the Income Tax (IT) Bill, was introduced during the Budget Session. The Select Committee then gave recommendations on it, based on which changes will be made and the Bill redrafted. The other three will be introduced afresh.
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The new IT Bill, expected to be implemented from April 1, 2026, aims to simplify the language, streamline processes that improve the taxpayer’s experience, and do away with redundancies.
Meanwhile, the Insurance Bill will aim to amend the Insurance Act, 1938, and aid increasing the FDI limit from 74 per cent to 100 per cent. This alteration had been proposed by the Financial Services Department last November.
The amendments, quote sources, will lay down the framework that allows insurers to offer various categories of insurance – from life and health to general insurance – under a single license.
The last bill that bans unregulated lending activity, prescribes jail up to 7 years and fine up to ₹1 crore. Additionally, harassment of any person by unregulated lenders, including those giving loans through digital means, can lead to jail of up to 10 years and a penalty of up to double the amount. The bill also allows the CBI to take over the investigation of cases that include large sums affecting public interest or those involving multiple states/union territories.
The amendment to the IBC by the Corporate Affairs Ministry seeks to clarify that the Competition Commission’s permission is not required for submitting bids under the Corporate Insolvency Resolution Process.
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