Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: empanelment :: due date for vat payment :: TDS :: VAT Audit :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: list of goods taxed at 4% :: ACCOUNTING STANDARDS
 
 
Direct Tax »
 Can the TDS liability under GST be fixed with retrospective effect?
 New direct tax law coming
 Government sets up a panel to draft new direct tax law
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance

Retirement benefit funds wait for tax clarity from CBDT
July, 29th 2015

Retirement benefit funds of more than half a dozen mutual fund houses are awaiting approval from market regulator Securities and Exchange Board of India (Sebi)?and Central Board of Direct Taxes (CBDT).

These funds have filed the draft proposals with the market regulator and tax authority more than a year back. While Sebi approves the MF schemes from operations perspective in line with its Mutual Fund Regulations, CBDT grants approval for launching a scheme with tax exemptions. With Section 80 C of the Income Tax Act already crowded with provident fund, life insurance and other exemptions, for CBDT to provide exemptions under the same head may not be of much benefit.

According to experts CBDT may have to provide tax benefit to mutual fund linked retirement plan under Section 80CCD which also provide exemption to investments under National Pension System.

Draft offer documents seeking Sebi and CBDT approval were filed by HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Axis Mutual Fund, DSP BlackRock Mutual Fund, LIC Nomura Mutual Fund between November 13, 2013 to April 29, 2015 but their approval has been on hold, data collated from Sebi and talking to individual fund houses revealed. Canara Robeco Mutual Fund has also filed for Retirement and Pension Solution fund early this month with Sebi.

Even Tata Mutual Fund’s Retirement Savings Fund which was launched earlier in November 2011 but it doesn’t provide tax benefits under Section 80 C of the Income Tax Act. is now seeking approval from CBDT for income tax benefit. Tata Mutual Fund has applied to CBDT for tax exemption benefit for the investors in the scheme much later after its launch in 2011 but it is still awaiting approval from CBDT, according to Tata Mutual Fund officials.

So far only three operational retirement benefit schemes of mutual fund industry from UTI Mutual Fund, Franklin Templeton Mutual Fund and Reliance Mutual Fund houses enjoy income tax benefit under Section 80 C while Tata Mutual Fund’s Retirement Savings Fund do not have Section 80 C exemptions.

While UTI Mutual Fund’s UTI Retirement Benefit Pension Fund was launched in 1994 and Franklin Templeton Mutual Fund’s Franklin India Pension Fund was launched in 1997, the recent approval has only been given to Reliance Mutual Fund’s Reliance Retirement Fund which has received CBDT approval for launching a retirement fund with tax benefits under Section 80C in December 2014.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions