National Conference (NC) president Omar Abdullah on Tuesday expressed disappointment over Arun Jaitley’s Budget 2016, saying that it had nothing for Jammu and Kashmir.
We didn’t see anything for Jammu and Kashmir in the General Budget. We were hoping for progress and development for Jammu and Kashmir. Some good things are there for the rural areas and the farmers,” Abdullah told the media here.
Presenting his third successive Budget in the Lok Sabha, Finance Minister Arun Jaitley listed nine thrust areas of tax proposals to transform India.
To provide relief to small tax payers, he proposed to raise the ceiling of tax rebate under section 87A from Rs. 2,000 to five thousand for income not exceeding Rs. 5 lakh.
Two crore tax payers will get a relief of Rs. 3,000. Additional deduction of Rs. 36,000 a year is proposed for those who do not own any house or get any house rent allowance.
They will get an exemption up to Rs 60,000 now. Presumptive taxation extended to professionals with gross receipts up to Rs. 50 lakh.