FM Sitharaman refutes reports of income tax changes after Lok Sabha election results
Finance Minister Nirmala Sitharaman has refuted media reports that said the new government will bring some sweeping changes in the income tax system after the Lok Sabha election results. The finance minister took to social media platform ‘X’ and said, ‘’Wonder where this is come from. Was not even double checked with Finance Ministry. Pure speculation.'' said Sitharaman.
The report highlighted that the new government which will come into power after the Lok Sabha election results will bring in some changes to the existing tax slabs and alternatives to prevent tax base erosion. Among other changes proposed, the report also highlighted that the income tax department may also bring in uniform cap gains on all asset classes after Lok Sabha election results.
The new government which will come into power post June 4 will hold the main budget session in July 2024. After unveiling Interim Budget 2024 in February this year, finance minister had said that it was not the time for her then to take a call on income tax rebate or revision of tax slabs. Sitharaman had said that like many sectors, revision of tax rates was not meant for the Interim Budget.
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