Finance Minister Arun Jaitley today ended retrospectivity in higher capital gains tax on debt mutual funds, but only for redemption made between April one to July 10, when the Budget was tabled and not for investments made.
individuals turning crorepaties in India by selling the much talked about mutual fund products. In fact, the number is rising year after year despite the widespread assumption that profession of mutual fund distribution is not a lucrative one.
"There have been demands from mutual fund industry body and some announcement could be made at the time of reply of Finance Minister on Finance Bill debate in Parliament later in the month," an official source said.
To cash in on the bullish sentiment in the wake of the new government at the Centre and a potential revival in the real estate market, a host of fund managers are gearing to launch property funds to raise about $750 million.
Franklin India Smaller Companies Fund has been classified under the small and midcap category in the CRISIL Mutual Fund Ranking. The fund has been ranked in the top 30 percentile (CRISIL Fund Rank 1 or 2) for the past four quarters.
As many as 33 mutual fund houses were found to have violated '20-25 rule' which requires a minimum of 20 investors and a cap of 25 per cent investment by an individual investor in a particular scheme, Parliament was informed today.
Concerned that some budget proposals may hit mutual funds hard and result in outflows worth over Rs 1.5 lakh crore, industry body AMFI has asked regulator Sebi to take up the matter with the government for necessary intervention.
Revenue Secretary Shaktikanta Das today hinted the government might clarify that investors of debt mutual funds would not have to pay taxes retrospectively because of an amendment in the Finance Bill 2014. He also said that the new government would
Mutual fund sector is finding itself at back foot with the Union Budget proposing an increased flat rate of tax on debt funds at 20% while increasing the tenure to claim long-term tax gains from 12 months to 36 months.
Retail investors who have been looking at debt funds for good short-term returns and tax benefits will now have to go for other options. The Union Budget has increased the rate of tax of debt funds to a flat 20 per cent.