Srinagar, Feb 1 (NationPress) The proposals of the Union Budget, unveiled by Finance Minister Nirmala Sitharaman, have sparked a variety of reactions in Jammu and Kashmir.

Javid Ahmad Bhat, President of the Kashmir Chamber of Commerce and Industry, shared with IANS, "Our perspective on the Budget proposals is mixed. The overall allocation has decreased compared to the last fiscal year, and we had anticipated at least a 10 percent increase in the Jammu and Kashmir Budget. Thus, we feel let down that this year's allocation is lower than before."

"On a positive note, the announcement of 50 new tourist destinations being launched in the upcoming Financial Year is encouraging. Given that Kashmir is the jewel of the country's tourism, we are hopeful that we will benefit from most of these new destinations, which will provide a boost to the local economy."

"The increase of the no-tax threshold to Rs 12 lakh is a favorable move for the middle class. The allocations directed towards start-ups will undoubtedly assist unemployed youth, and the exemption limit for the MSME sector will promote industrial advancement," Bhat emphasized.

"We also hold the belief that the disparity between last fiscal year and the new fiscal year in terms of Budget allocations will somehow be reconciled by the Centre."

The general populace is pleased to learn that the no-income tax limit has been elevated to Rs 12 lakh, but there is some confusion regarding the inconsistency between the Tax Slab table released in the Budget proposals and the Finance Minister's assurances, Bhat noted.

"It has come to our attention that there will be no tax due on annual income up to Rs 12 lakh, yet the released table illustrates the Income Tax slabs under the new tax regime for FY 2024-25 (Assessment Year 2025-26) as follows: up to Rs 3,00,000: No tax or surcharge, Rs 3,00,001 to 7,00,000: 5 percent on income exceeding Rs 3,00,000, Rs 7,00,001 to 10,00,000: Rs 20,000 plus 10 percent of income beyond Rs 7,00,000, Rs 10,00,001 to 12,00,000: Rs 50,000 plus 15 percent on the excess."

"To put it simply, while the standard deduction benefit has been removed, it is only for income up to Rs 3 lakh that no tax is applicable," explained Sajad Ahmad Sofi, a government employee.

Politicians such as Sajad Gani Lone from the Jammu and Kashmir People's Conference have expressed skepticism towards the Budget allocations for Jammu and Kashmir.

Sajad tweeted on Saturday, "The proposed allocation for Jammu and Kashmir in the Union Budget stands at nearly Rs 41,000 crore. This is almost Rs 1000 crore less than the previous allocation."

"When adjusted for inflation, this amounts to a reduction of another Rs 2 to 3,000 crore. It seems the Chief Minister should reclaim those shawls he so generously gifted to the top brass of the BJP."

"Moreover, the CM ought to reconsider the overly optimistic comments he made in Sonmarg."

"On a serious note, dear CM — Chief Ministerial responsibilities extend far beyond skiing and selfies. This is a serious and sacred task. Take the necessary steps to deliver results. The people have voted for a leader, not a mere delivery person."