JAMMU :  Amidst tight security, the 14th batch of 2,508 pilgrims today left for the Amarnath cave shrine in south Kashmir Himalayas from here.
The batch which included 1,777 men, 494 women and 45 children left in a convoy of 69 vehicles from Bhagwati Nagar base camp in Jammu at 4:05 AM, police said.
The convoy has already crossed Patnitop on Jammu-Srinagar National Highway and is expected to reach destinations at Baltal and Pahalgam base camps by this evening, they said.
With today’s batch, as many as 25,670 pilgrims have so far left from the Jammu base camp for the Amarnath shrine. (AGENCIES)

NEW DELHI :  The Budget for 2014-15 today left income tax rates unchanged but provided sops to small and marginal assessees by raising the threshold exemption limit from Rs 2 lakh to Rs 2.5 lakh and investments under 80C by Rs 50,000 to Rs 1.5 lakh while promising not to bring tax changes with retrospective effect.
Presenting the maiden budget of the BJP-led NDA government, Finance Minister Arun Jaitley raised the deduction limit on interest on housing loan for self-occupied property from Rs 1.5 lakh to Rs 2 lakh and free-baggage allowance for inbound passengers from Rs 35,000 to Rs 45,000.
The Budget makes cigarettes, tobacco, pan-masala, gutka and cold-drinks costlier by raising excise duties while CRT TVs used by poor, LCD and LED TV panels of less than 19-inches will be cheaper through cuts in customs duties.
In encouraging signals to domestic and foreign investors, Jaitley announced that all fresh cases arising out of retrospective amendments of 2012 in respect of indirect transfers will be scrutinised by a high level committee to be constituted by the CBDT before any action is initiated.
“I hope the investor community both within India and abroad will repose confidence on our stated position and participate in the Indian growth story with renewed vigour,” he said, offering a stable and predictable tax regime.
He also said the government will revive the revised Direct Taxes Code (DTC) taking into account the comments of stakeholders.
The Finance Minister said government will promote FDI by raising the cap to 49 per cent in Defence and Insurance with full Indian management and control.
The direct tax proposals involve a sacrifice of Rs 22,200 crore while indirect tax proposal will yield a revenue of Rs 7,725 crore.
The Budget raises defence spending by 12.5 per cent to Rs 2.29 lakh crore. Non-plan expenditure for the current year has been estimated at Rs 12,19,892 crore with additional amount for fertiliser subsidy and capital expenditure for armed forces.
The total expenditure estimates stand at Rs 17,94,892 crore. Gross tax receipts will be Rs 13,64,524 crore, of which Centre’s share will Rs 9,77,258 crore. Non-tax revenues for current financial year will be Rs 2,12,505 crore and capital receipts other than borrowings will be Rs 73,952 crore.
The Budget pegs the fiscal deficit for the current fiscal at 4.1 per cent of the GDP and 3.6 and 3 per cent in 2015-16 and 2016-17 respectively.
In an apparent reference to the previous government, Jaitley said slow decision making had resulted in a loss of opportunity and two years of sub-5 per cent growth in the economy has resulted in challenging situation.
He said government intends to usher in a policy regime that would bring the desired growth, lower inflation, sustained level of external sector balance and prudent policy stance.
The Finance Minister said the present situation presents a challenge of slow growth in manufacturing sector, in infrastructure and also the need to introduce fiscal prudence.
The tax to GDP ratio must be improved and non-tax revenue increased, he said while pruning the negative list for levy of service tax.
The government will constitute an Expenditure Management Commission to look into every aspect of expenditure reform. It will overhaul the subsidy regime while providing full protection to the marginalised.
Jaitely said the government would like to introduce the Goods and Services Tax (GST) to streamline tax administration, avoid harassment of business and ensure higher revenue collection.
The Budget proposes to infuse Rs 2.40 lakh crore in PSU banks in which citizens will be allowed direct shareholding.
The Budget sets a target of Rs 8 lakh crore for agriculture credit during the current year and will continue the interest subvention scheme and raise the corpus of rural infrastructure development fund (RIDF) to Rs 25,000 crore.
Towards food security, the government commits itself to restructuring Food Corp of India (FCI), reducing transportation and distribution losses and efficacy of PDS.
Wheat and rice will be provided at reasonable prices to weaker sections.
In direct taxes, the Budget makes no changes in the rate of surcharge for any class of tax payer while continuing the education cess at 3 per cent for all.
As a measure of encouraging infrastructure and construction sectors to revive growth and provide jobs, the Budget provides tax incentives for real estate investment trust and infrastructure investment trust.
In manufacturing, considering the need to incentivise smaller entrepreneurs, it provides investment allowance at the rate of 15 per cent to a manufacturing company that invests more than Rs 25 crore in a year in plant and machinery for three years.
Jaitely also proposed to extend the investment linked Ndeduction to new sectors namely slurry pipelines for transportation of iron ore.
The concessional tax rate of 15 per cent on dividends received by Indian companies from foreign subsidiaries is being continued because it has resulted in enhanced repatriation of funds. There is no sunset date to ensure stability of policy.
To enhance the functioning of income tax department as facilitators, 60 more Ayaykar Seva Kendras will be opened to promote excellence in service delivery.
Taking note of the fact that power supply continues to a major area of concern in the country, the Budget proposes to extend the 10-year tax holiday to undertakings which begin generation, transmission and distribution by March 31, 2017, instead of annual extensions.
As part of financial inclusion mission, a special small savings instrument to cater to the requirement of education and marriage of the girl child will be introduced.
A National Savings Certificate with insurance cover will also be launched to provide additional benefits for small savers. In the PPF scheme, annual ceiling will be enhanced to Rs 1.5 lakh per annum from Rs 1 lakh at present.
In defence allocation, Rs 1000 crore has been set apart for implementing one-rank-one-pension policy. Capital outlay for defence has been raised by Rs 5,000 crore over the amount provided in the interim budget.
The Finance Minister also announced setting up a war memorial, war museum and a national police memorial. For modernisation of state police forces, Rs 3,000 crore has been allocated.
An integrated Ganga conservation mission, called ‘Namami Gange’ is proposed to be set up with an outlay of Rs 2,037 crore for this year.
An NRI fund for Ganga will be set up which will finance special projects. Rs 100 crore have been set aside for ghat development and beautification of river front at Kedarnath, Varnasi, Haridwar, Kanpur, Allahabad, Patna and Delhi.
A 1,620-km Ganga inland waterway development from Haridwar to Haldia is planned to be completed in 6 years at a cost of Rs 4,200 crore, Jaitley said. (AGENCIES)

NEW DELHI : Salaried class has got something to cheer with Finance Minister Arun Jaitley today raising tax exemption limit to Rs 2.5 lakh from Rs 2 lakh, providing a relief of Rs 5,000.
“I propose not to make any changes in the tax rate. However, with the view to provide relief to small and marginal and senior citizen, I propose to increase the personal income tax exemption limit by Rs 50,000 from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who are below the age of 60 years,” he said while presenting budget for 2014-15 in the Parliament.
The proposal, according to an estimate, is likely to benefit about 2 crore tax payers.
Similarly, he raised tax exemption limit from Rs 2.5 lakh to Rs 3 lakh in the case of senior citizens.
“I do not propose to make any change in the rate of surcharge for either for corporates or individual. The education cess for all tax payers shall continue at 3 per cent,” he said.
Thus, tax on income from Rs 2.5 lakh to Rs 5 lakh is retained at 10 per cent, up to Rs 10 lakh at 20 per cent and above 10 lakh at 30 per cent.
Noting that households are main contributors to savings, he said the investment limit under 80 C has been raised to Rs 1.5 lakh from the existing Rs 1 lakh to encourage savings.
Investment in Public Provident Fund up to Rs 1.5 lakh would now be exempt from tax. This was earlier pegged at Rs 1 lakh.
He also raised tax deduction limit on account of interest of housing loan in case of self occupied property to Rs 2 lakh from Rs 1.5 lakh. (AGENCIES)

Rs 500 crore provided for ultra modern solar power plants
in Rajasthan, Tamil Nadu and Ladakh in Jammu and Kashmir. (agencies)

5 NEW IITS TO BE  SET UP IN  COUNTRY  INCLUDING J&K : FM

(AGENCIES)

NEW DELHI : The Narendra Modi government’s debut Budget today promises an economic revival with return to 7-8 per cent GDP growth in the next 3-4 years, reining in of inflation with special focus on manufacturing, infrastructure building and skill development.
Finance Minister Arun Jaitley, in his 2014-2015 Budget proposals presented in Lok Sabha, announced a slew of measures for revival of the ailing economy and called for fiscal prudence while hinting at austerity by saying “We cannot spend beyond our needs.”
He announced a target of bringing down fiscal deficit to 3.6 per cent of the GDP in 2015-16 and to 3 per cent in 2016-17 and stressed the need to be watchful of the Current Account Deficit (CAD).
He also announced to have the GST in place during the course of the year.
Hinting at stress on austerity, Mr Jaitley said “We can not spend beyond our needs” but at the same time, expressed optimism about global economic revival saying there were “green shoots” of recovery in global economy.
The Budget estimates a total expenditure of Rs 17,94,893 crore and a non-planned expenditure of Rs 12,94,000 crore. The personal Income Tax limit was raised to Rs 2,50,000. The Finance Minister also announced uninterrupted power supply to Indian homes 24X7, Rs 50,548 crore for SC development and minimum pension of Rs 1,000 crore to all public provident schemes.
To implement its promise of a clean India, Mr Jaitley said a ‘Swatchh Bharat Abhiyan’ (Clean India Drive) would be launched and total sanitation goals achieved by 2019. Moreover, Rs 3,600 crore have been allocated for drinking water programmes and Rs 500 crore earmarked for rural housing. To boost rural infrastructure, an amount of Rs 14,389 crore has been earmarked for the ‘Pradhan Mantri Gram Sarak Yojna’. He said national skill programme called the ‘Skill India’ would be launched and 24×7 power supply provided to all homes. Moreover, Rs 500 crore would be infused into the ‘Deen Dayal Upadhyaya Yojana.’
Farmers would be provided social health card. To expand educational opportunities and health facilities, the government would set up four AIIMS and five IIMs. Rs 7000 crore was allocated for development of smart cities. He also announced increase in defence expenditure. (AGENCIES)

SRINAGAR : Former Speaker of the Jammu and Kashmir Legislative Assembly died after a prolonged illness here last evening.
He was above 70 and is survived by wife, three daughters and a son.
He died of multiple organ failure.
According to family, his ‘Nimaz Jinazah’ will be offered at Goripora today.
(AGENCIES)

RS 200 CR TO UPGRADE INDOOR AND OUTDOOR STADIUM IN J&K
(AGENCIES)

RS 500 CR FOR DISPLACED KASHMIRI MIGRANTS

(AGENCIES)

NEW DELHI :  The Modi Government today presented its maiden Budget in the Lok Sabha amidst high expectations over  expediting reforms, boosting growth and employement.    The Budget for 2014-15 was tabled by Finance Minister Arun Jaitley, underscoring that the people of the country had this  time decisively voted for change.
The event is being watched live on TV by millions across the  country.
(AGENCIES)