Manoj Kumar Jena

Finance Minister Nirmala Sitharaman on Friday refuted a media report claiming that major changes in the income tax system would be introduced when the new government assumes office after the ongoing Lok Sabha elections.

The 30-share BSE benchmark Sensex crashed 1,100 points due to the uncertainty triggered by the media report.

FM Sitharaman reacted to a post on X by a TV news channel claiming that in a sweeping change, the Income Tax Department is planning to impose uniform treatment for all asset classes.

At present, a differential tax structure for various financial assets is in place.

Referring to the report, the Finance Minister posted on X, ‘’Wonder where this came from. Was not even double-checked with Finance Ministry. Pure speculation.''