Diabytes
Debt mutual fund News
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The existing Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) will reopen from March 29 onwards. However, fresh SIP and STP will not be allowed.
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Debt mutual funds are stripped of the long-term tax benefit if they invest less than 35 per cent of their assets in equities. Such mutual funds will attract short term capital gains tax.
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Finance ministry is likely to bring in amendments to the Finance Bill 2023, removing the long term capital gains tax (LTCG) benefits available to such specified MFs. Currently, such mutual fund schemes attract 20 per cent LTCG with indexation benefits.
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In the present scenario, where interest rates are following a downward slope, investors dependent on income from traditional financial instruments such as fixed deposits (FDs) don't have much to cheer about.
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In the present scenario, where interest rates are following a downward slope, investors dependent on income from traditional financial instruments such as fixed deposits (FDs) don't have much to cheer about.
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He also increased the long-term capital gains tax rate on debt-linked mutual funds to 20 percent from 10 percent.
The Lok Sabha later passed the Finance Bill, 2014 completing the budgetary exercise in the Lower House.
Jaitley said that higher tax on debt mutual funds will apply prospectively from July 10.
The government will not retrospectively tax debt fund investors, as per Zee news sources.
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