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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Rollover of close-ended schemes - units of Mutual Funds under ...

Circulars     Income Tax

April 10, 2015

Rollover of close-ended schemes - units of Mutual Funds under the Fixed Maturity Plans on extension of their term - no capital gains will arise at the time of exercise of the option by the investor to continue in the same scheme.

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  1. Amendment of section 47 - any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in...

  2. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  3. The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market...

  4. The case deals with the applicability of Section 54EC of the Income Tax Act, which provides exemption from capital gains tax if the gains are invested in specified bonds...

  5. Interest incurred claimed as a deduction u/s. 57(iii) out of interest earned from mutual funds - In our opinion, unless funds are borrowed for making deposit to earn...

  6. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  7. Short term capital gain - sale of units of mutual funds - Article 13(4)/13(5) of DTAA of India-UAE - the gains arising from transfer of units of mutual funds should not...

  8. This circular mandates mutual funds to disclose expenses, half-yearly returns, and yield separately for direct and regular plans. It introduces a color scheme for the...

  9. Disallowance of CENVAT Credit - activity of purchase and sale of units of Mutual Fund Schemes - trading (exempt) services or not - the activity of redemption and...

  10. Allowability of interest expense - In absence of establishing the necessary nexus being between the borrowings and the investments in the mutual funds, it can safely be...

  11. This circular permits Indian mutual funds to invest in overseas mutual funds/unit trusts (MF/UTs) with exposure to Indian securities, subject to certain conditions. The...

  12. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

  13. Section 43B inapplicable to LIC Mutual Fund as it is not a Public Financial Institution u/s 4A of Companies Act, 1956. List of Public Financial Institutions is...

  14. Capitalization of the amount of interest disallowed u/s 36(1)(iii) - Here the assessee is claiming that if interest corresponding to investment in mutual funds is not...

  15. Participation of Mutual Funds in Commodity Derivatives Market in India

 

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