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Introduction Finance Minister Nirmala Sitharaman has refuted recent media reports speculating sweeping changes to the income tax system following the upcoming Lok Sabha election results. Taking to the social media platform X, Sitharaman dismissed the reports as pure speculation, emphasizing that
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FAQ :
Recent reports speculated that the incoming government might introduce sweeping changes to the income tax system, including alterations to tax slabs, alternatives to combat tax base erosion, and uniform capital gains tax on all asset classes.
No, Finance Minister Nirmala Sitharaman explicitly refuted these reports, calling them pure speculation and emphasizing they were not verified with the Finance Ministry.
The market reacted negatively, with the 30-share BSE benchmark Sensex plummeting by 1,100 points. The overall market capitalisation of BSE-listed firms saw a significant decline of approximately ₹2.3 lakh crore in a single session.
The new government is slated to hold its main budget session in July 2024.
During the Interim Budget 2024 in February, the Finance Minister had stated that the timing was not conducive for decisions regarding income tax rebates or revisions of tax slabs.
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