« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Life cover set to cost more with new tax proposals... Hire purchase financing out of service tax net... » MFs lose 20% in assets as firms pay advance tax July, 04th 2007 Assets under management of top fund houses, including ICICI Prudential, Birla Sun Life and Standard Chartered, melted up to 20 per cent during June, as corporate investors withdrew funds parked in liquid schemes for paying advance taxes.   The total assets under management (AUM) of the mutual funds industry dipped by 3.22 per cent to Rs 4,00,842 crore as half of the 32 fund houses in the country saw their AUM eroding.   However, the AUM fall of 3.22 per cent was lower compared with 4.02 per cent meltdown for the same period last year.   Analysts viewed this as rising investor confidence in the industry as the AUM erosion is lower despite the advance tax collections going up by nearly 25 per cent this year. Most of the fixed income-centric fund houses lost asset value in June.   While ICICI Prudential recorded an AUM loss of nearly 14 per cent (Rs 7,089 crore) to Rs 19,525 crore, Birla Sun Lifes went down by 17.68 per cent to Rs 19,525 crore, and Standard Chartered, the biggest loser, saw its AUM erode by nearly one-fifth to Rs 12,946 crore (down 19.9 per cent).   Anil Ambani-controlled Reliance Mutual Funds AUM grew 1.21 per cent to Rs 59,857 crore to maintain its top position. DBS Cholamandalam was the top gainer in the AUM chart, gaining 22 per cent on account of good response to its fixed maturity plans (FMPs). Lotus (up 14 per cent), Benchmark and Quantum (both up 12 per cent) were the other significant gainers.   During June, a total of 56 FMP schemes were launched against 70 in May partly due to the prevailing low rates. With the indicative yields of some FMPs coming down, there has been a view that FMPs may no longer find favour with the investors.   In June, some of the FMP schemes got matured, which has contributed to the erosion in AUM. Though it is true that the indicative yields of FMPs are falling, it does not mean they will be less popular, as its depends on short-term interest rates said A Balasubraniam, CIO, Birla Sun Life MF said.   Meanwhile, the equity new fund offer (NFO) market continued to remain subdued, with only four equity funds closing their NFOs garnering around Rs 2,665 crore.   Sameer Kamdar of Mata Securities said, Due to the change in tax structure, liquid funds fell out of investor favour as it attracted a higher tax, with, especially, retail and HNI investors preferring liquid plus funds. Even corporate investors flocked to these schemes because of lower taxes. Liquid plus funds have given higher returns of around 100 bps over liquid schemes over the past three months.