(a) whether it is a fact that the shutdown in the valley, since the last three months or so has crippled the valley’s economy;
(b) if so, the details thereof;
(c) the total amount of money which the business community in the valley has suffered losses;
(d) whether the Government proposes to provide incentive by way of relaxing income tax to these business people; and
(e) if so, the details thereof and if not, the reasons therefor?
MINISTER OF STATE IN THE MINISTRY OF HOME AFFAIRS
(SHRI G. KISHAN REDDY)
(a) to (c): Full potential and economy in Jammu, Kashmir and Ladakh regions could not be realized for the last 70 years as the people of Jammu and Kashmir have suffered from terrorist violence and separatism supported from across the border for the past many decades. On account of article 35A and certain other constitutional ambiguities, the people of this region were denied full rights enshrined in the Constitution of India and other benefits of various Central Laws that were being enjoyed by other citizens of the country.
After the Declaration issued by the President under article 370, based on recommendation of the Parliament, and reorganisation of the erstwhile State of
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L.S.US.Q.NO.2470 FOR 3.12.2019
Jammu and Kashmir into Union Territory of Jammu and Kashmir and Union Territory of Ladakh, all such aspects have been addressed. The people and business community of these regions can now realize full potential in all sectors of economy and businesses like in other parts of the country.
Due to these recent decisions, certain precautionary measures taken initially have been substantially relaxed. There is no specific report received from the Government of Jammu and Kashmir or Administration of Ladakh regarding any new financial implications for businesses and economy in Jammu, Kashmir and Ladakh regions on account of such preventive steps taken as short term measure.
Under the Rs.80,068 Crores Prime Minister’s package announced on 7th November 2015, 63 major development projects in Road, Power, Health, Tourism, Agriculture, Horticulture, Skill Development sectors are already under various stages of implementation.
In addition to the above steps, many flagship schemes of the Government of India including the individual beneficiary centric schemes are being proactively implemented by the Government.
(d) & (e): New Income Tax incentives are not given specifically on the basis of area. However, the Central Board of Direct Taxes (CBDT) had extended the due-date of filing of returns of income tax in respect of all categories of Income Tax assessee in the Union Territory of Jammu & Kashmir and Union Territory of Ladakh till 30th November, 2019.
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