UTI Equity Tax Savings Plan has declared a tax-free dividend of 22% (Re.2.20 per unit on face value of Rs.10) under dividend option-existing plan and dividend option –direct plan. Pursuant to the payment of dividend, the NAV of the dividend option-existing plan and dividend option-direct plan of the scheme would fall to the extent of payout.
The record date for the dividend is January 19, 2015.
All unit holders registered under the dividend option-existing plan and dividend option- direct plan of UTI Equity Tax Savings Plan as on the record date will be eligible for this dividend. Also investors who join the dividend option-existing plan and dividend option-direct plan of the scheme on or before the cut off time of the record date will be eligible for the dividend.
The NAV of UTI Equity Tax Savings Plan on January 13, 2015 under dividend option-existing plan was Rs.22.5337 and under dividend option-direct plan was Rs.24.2837.
UTI Equity Tax Savings Plan was launched in November 1999 as an open-ended equity oriented tax savings scheme. The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies.
Investment made by individuals under UTI-Equity Tax Savings Plan will qualify for deduction for the amount paid subject to a maximum of Rs.1.50 lakh under Section 80C of Income Tax Act, 1961 as provided therein.
Lalit Nambiar fund manager of UTI Equity Tax Savings Plan said, “The fund intends to create long-term wealth for the investor through a prudent combination of mid cap as well as large cap names that exhibit a promising growth outlook”.
