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Budget 2016 expectations: The mutual fund industry is expecting a Rs 50,000 increase in basic income tax exemption limit for taxpayers to Rs 3 lakh in the Budget to be presented by Arun Jaitley in Parliament on Monday. If done so, this can leave an additional liquidity of Rs 50,000 crore in the hands of taxpayers, a part of which can go into investments. (Reuters)
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Budget 2016 expectations: The mutual funds industry also wants that money coming under capital gains to be invested in infrastructure mutual fund products. "We do hope that the finance minister will increase the basic I-T exemption limit to Rs 3 lakh. If it happens, more fund is likely flow into the mutual fund industry which will help further increase the assets under management which stands around Rs 13.4 trillion," LIC Nomura Mutual Fund chief investment officer Saravana Kumar said. (Pic courtesy SBI)
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All the ITRs are available on the official e-filing web portal of the department–http://incometaxindiaefiling.gov. in/. (PTI)
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Budget 2016 expectations: Naqvi also said that government must allow money coming under capital gains to be invested in the infrastructure funds of the fund houses. "I also hope capital gains to be invested in the infrastructure mutual fund products. As of now, when one gets capital gains, one is liable to pay capital gains tax.
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9. Income tax exemption limit: Infrastructure Bonds – The investment in infrastructure bonds issued by the infrastructure companies is eligible for deduction under Section 80C.
