Please find herewith Income-tax Rates in India for Resident Individuals / HUF, Domestic Corporates and NRIs on Investments in Equity Mutual Fund Schemes for the FY 2014-15.
Budget 2014 saw two changes in the tax applicable to mutual fund investments in non-equity schemes. One is regarding Dividend Distribution Tax (DDT) and the second is regarding Capital Gains Tax.
The budget also increased the deduction limit under Section 80C of the Income – tax Act, 1961 from Rs. 1 Lakh to Rs. 1.5 Lakhs from FY 2014-15. Thus, an Individual/HUF is entitled to deduction from gross total income for investments in Equity-Linked Savings Scheme (ELSS) up to Rs. 1.5 Lakh (along with other prescribed investments).
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Categories: Income Tax, Mutual Fund, Personal Finance
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