Tincture of iodine is an antiseptic for fresh wounds. It is a dilute solution of elemental iodine, which does not contain Acetone.Tincture of iodine or weak iodine solution is an antiseptic. It is usually 2%–7% elemental iodine, along with potassium iodide or sodium iodide, dissolved in a mixture of ethanol and water. Tincture solutions are characterised by the presence of alcohol.