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Budget should give tax benefits to differently-abled: NCPEDP
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SME Times News Bureau | 24 Jan, 2020
The National Centre for Promotion of Employment for Disabled People
(NCPEDP) on Friday said that the upcoming budget should announce tax
benefits and lower interest rates for people with disabilities.
Among
its recommendations for the upcoming Union Budget 2020-21, the
organisation has also said the goods and services tax (GST) on products
used by people with disabilities should be removed, and proper funds be
allocated for implementation of the Rights of Persons with Disabilities
Act, 2016.
It also said that people with disabilities should be
given a 0.5 per cent benefit in interest similar to that given to senior
citizens on account of the rising cost of living and increasing
disability-related costs.
People with disabilities should not be denied health and life insurance, it added.
The
procedure to avail customs duty relaxation or exemption on goods for
persons with disabilities should be linked with a self-declaration to
mitigate hardships caused in availing such exemptions and relaxations.
"GST
should be completely removed on goods used by persons with disabilities
as it imposes high cost on products," the NCPEDP said in a statement.
Regarding
income tax, the Centre recommended that the income tax ceiling for
people with disabilities and those with dependents with disabilities be
increased to Rs 5 lakh.
"Increase in 80U exemption from 75,000
for people with less than 75 per cent disabilities and Rs 1,25,000 for
people with over 75 per cent disabilities to Rs 1,50,000 and Rs 3,00,000
respectively. Increase in deduction on 80D from 50,000 per dependent to
Rs 1,00,000 per dependent," the statement said.
The NCPEDP also
suggested that a database of taxpayers availing 80U deductions be
maintained which would throw light on the number of taxpayers with
disabilities.
A deduction of up to Rs 40,000 is allowed for
treatment of specified ailments such as thalassemia, the body said,
adding that this should be increased to the actual expenses, or at least
Rs 1 lakh, and the list must be updated to align with the Rights of
Persons with Disabilities Act, 2016, while ailments such as multiple
sclerosis should be also recognized for such exemptions.
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