Finance Minister Nirmala Sitharaman addressed concerns on Friday regarding speculative reports of impending income tax changes that led to a sharp decline in the Sensex by 1,100 points.
Sitharaman dismissed media claims suggesting significant revisions to the income tax system post-elections as "pure speculation." The reports hinted at potential alterations in the treatment of asset classes, which triggered a selloff on Friday.
"Wonder where this is come from. Was not even double checked with @FinMinIndia. Pure speculation," Sitharaman said on social media while reacting to a tweet made by a news channel claiming that the tax department is planning to impose uniform treatment for all asset classes.
The TV news channel (not NDTV Profit) deleted its post after the finance minister's reply.
Currently, India has a varied tax structure for different financial assets, a system that Sitharaman affirmed remains in place pending any official updates. The market turbulence underscores the sensitivity to potential policy shifts during the election season.
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