Parents or guardians of differently-abled persons will now be able to take an insurance scheme in their name, the finance minister announced
Finance minister Nirmala Sitharaman presented the Union Budget for the year 2022 in the Lok Sabha on 1 February. This year, the budget talked about improving four prominent pillars which are development, productivity enhancement, energy transition, and climate action. The finance minister also said that the country is expected to grow at 9.27 per cent in the coming year.
Under the tax reform sector, a new initiative for the parents of Divyang (differently-abled) children has been taken. The Finance Minister has also given relief to differently-abled persons in the budget. She announced that a tax exemption will be given to parents of Divyang children, according to the 2022 Budget. Parents or guardians of differently-abled persons will be able to take an insurance scheme in their name.
Finance minister Nirmala Sitharaman also asserted during her Budget speech that there may be a situation where persons with disabilities may need payment of annuity or lump sum amount even during the lifetime of their parents or guardians. Taking note of this problem, the finance minister announced to allow payment of annuity and lump sum amount on attaining the age of 60 years for such parents.
Furthermore, facility of a one-time correction window will be provided to correct any mistakes that occurred while filing income tax returns (ITRs). Along with this, taxpayers can also file updated returns by payment of taxes within two years from the end of the relevant annual year.
However, no change was made in the income tax slabs during the budget. Although it was proposed that the tax deduction limit should increase from 10 percent to 14 per cent for both Centre and state government employees in order to aid in security benefits to these individuals.