Finance minister Arun Jaitley restored the tax break that was scrapped from the assessment year 2006-07 and set the limit at Rs 40,000. Long-term capital gains: The finance minister has proposed to levy a tax of 10 per cent on long-term capital gains if the assessee has gains in excess of Rs 1 lakh. At present, the income tax officer can enhance income on the basis of information available in Form 26AS or Form 16 or Form 16A relating to TDS if the related amount has not been shown as income by the assessee. Now, the finance minister has proposed that no addition will be made if the difference in value does not exceed 5 per cent. All in all, the tax breaks in this budget are more illusory than real.

Source: The Telegraph February 01, 2018 22:07 UTC