Finance Minister Nirmala Sitharaman swiftly dispelled rumours circulating on Friday regarding potential income tax modifications following the Lok Sabha elections. Reports suggested that the government was contemplating uniform treatment for different asset classes. However, Sitharaman unequivocally refuted these claims.
Addressing concerns, Sitharaman categorically denied media reports suggesting imminent revisions to the income tax framework following the elections, labelling them as “pure speculation.” These reports hinted at possible changes in the treatment of various asset classes, prompting a wave of selling in the market.
The Minister stated that “Wonder where this is come from. Was not even double checked with @FinMinIndia. Pure speculation”. She responded to a tweet from a news channel, which had speculated that the tax department was considering uniform treatment for all asset classes.
The report indicated that the incoming government following the Lok Sabha election results plans to introduce revisions to the current tax slabs and explore alternatives to mitigate tax base erosion. Additionally, it suggested that the income tax department might implement uniform capital gains taxes across all asset classes post the Lok Sabha election results.
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