AMFI hands over Budget wishlist to FinMin; proposes DLSS

As the Union Budget is nearing mutual funds' industry lobby - Association of Mutual Funds in India - has compiled and forwarded the proposals of the industry to the Finance Ministry. Following changes have been proposed: Debt scheme under Sec 80 CCC AMFI has proposed debt-linked savings scheme under Sec 80 CCC of Income Tax Act. "We have proposed for debt-linked savings scheme (DLSS) to be included under the Sec 80 CCC limit," said a mutual fund source who is also in the AMFI committee. Currently, only equity-linked savings schemes (ELSS) qualifies for tax benefits under Section 80 CCC of the Income Tax Act, for an investment limit of up to Rs 1.5 lakh in a financial year. By extending the tax benefits to debt-based mutual fund schemes, conservative investors will also get an opportunity to avail tax benefits.
 

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