Budget Highlights - 16 Last

* Applicability of General Avoidance Rules (GAR) to be deferred by two years in view of problems faced in its implementation

* Non-Plan expenditure in 2015-16 estimated at 1,312,200 crore; Plan expenditure estimated at 465,277 crore

* Tax collection in 2015-16 estimated at 1,449,490 crore

* Corporate tax to be reduced to 25 percent from 30 percent in four years

* Rigorous imprisonment of up to 10 years for concealing income

* Prevention of Money Laundering Act to be amended to provide for forfeiture of property in India if the one abroad cannot be attached

* Exemption to individual tax payers to continue

* In last nine months several steps taken to effectively deal with problem of black money

* Comprehensive new law to be brought against black money

* New structure to be put in place in banking sector for seamless integration of data

* Adequate provision for defence with 246,727 crore earmarked this year

* Fully IT-based student-help facility for needy students
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