No provisions in Budget 2015 for reviving economy of flood-ravaged J&K: KCCI
KCCI president, while welcoming the announcement of setting up of an AIMS hospital in the state, said the Budget did not have anything to boost tourism.
By PTI | Updated:
SRINAGAR: Kashmir Chamber of Commerce and Industry ( KCCI), the apex trade body of the valley, today described the Union Budget for 2015-16 as 'disappointing', saying there was nothing substantial in it for reviving the economy of flood-ravaged Jammu and Kashmir.
"We are disappointed and disheartened by the Union Budget as there are no provisions for reviving the economy of Jammu and Kashmir, particularly the valley, which was ravaged by floods last year," President of the KCCI Ashiq Hussain told PTI.
Hussain said the people in Kashmir were expecting a special relief package and soft loans for reconstructing the infrastructure and reviving the economy of the state.
"We were expecting at least tax holiday for the state but nothing has come out of the budget," he said.
The KCCI president, while welcoming the announcement of setting up of an AIMS hospital in the state, said the Budget did not have anything to boost tourism, horticulture and handicrafts sectors.
"These three sectors along with industry are the mainstay of our economy but there is no incentive for these sectors," he said.
Hussain said the increase in service tax would be a burden that has to be "ultimately borne by the common man".
"We are disappointed and disheartened by the Union Budget as there are no provisions for reviving the economy of Jammu and Kashmir, particularly the valley, which was ravaged by floods last year," President of the KCCI Ashiq Hussain told PTI.
Hussain said the people in Kashmir were expecting a special relief package and soft loans for reconstructing the infrastructure and reviving the economy of the state.
"We were expecting at least tax holiday for the state but nothing has come out of the budget," he said.
The KCCI president, while welcoming the announcement of setting up of an AIMS hospital in the state, said the Budget did not have anything to boost tourism, horticulture and handicrafts sectors.
"These three sectors along with industry are the mainstay of our economy but there is no incentive for these sectors," he said.
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Hussain said the increase in service tax would be a burden that has to be "ultimately borne by the common man".
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The limit of reduction of health insurance premium was enhanced from Rs 15,000 to Rs 25,000. For senior citizens this limit has been increased from Rs 20,000 to Rs 30,000.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
"For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure. Deduction limit of Rs 60,000 on expenditure on account of specified diseases is enhanced to Rs 80,000 in the case of senior citizens," Jaitley said.
Additional deduction of Rs 25,000 is allowed for differently-abled persons, increasing the limit from Rs 50,000 to Rs 75,000. It is also proposed to increase the limit of deduction from Rs 1 lakh to Rs 1.25 lakh in case of severe disability.
Jaitley also proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction under section 80C of the income-tax and any payment from the scheme shall not be liable to tax.
Limit on deduction on account of contribution to a pension fund and the new pension scheme is proposed to be increased from Rs 1 lakh to Rs 1.5 lakh.
Additional deduction of Rs 50,000 will be allowed for contribution to the new pension scheme u/s 80 CCD increasing from Rs 1 lakh to Rs 1.5 lakh.
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