Is Income Tax System getting changed? Finance Minister Answers

Finance Minister Nirmala Sitharaman dismissed a media report on Friday that suggested significant changes would be made to the income tax system when the new government takes office after the ongoing Lok Sabha elections. The report caused uncertainty in the market, leading to a 1,100-point drop in the 30-share BSE benchmark Sensex.

Ms. Sitharaman responded to a post on social media by a TV news channel that claimed the Income Tax Department was planning to implement a uniform treatment for all asset classes. She expressed her surprise at the report and mentioned that it had not been verified with the Finance Ministry, calling it pure speculation.

Currently, there is a different tax structure in place for various financial assets.

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