AMFI’s demand of change in definition of ‘Specified Mutual Funds’ under Section 50AA has been acceded to and will lead to rationalization in taxation for the funds affected hitherto
FinTech BizNews Service
Mumbai, July 23, 2024: The Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Union Budget 2024-25 in Parliament today.
Venkat Chalasani, Chief Executive, AMFI, shares his views on certain provisions: “The Finance Minister presented a growth-oriented budget. The focus on fiscal consolidation without cutting down on capital expenditure with clear roadmap for “Viksit Bharat” is extremely positive. The emphasis on job creation, skilling, a boost to the MSME sector as well as tax relief to the middle classes will add more income in the hands of the people.
The increase in exemption limit for Long Term Capital Gains tax from Rs1 lakh to Rs1.25 lakhs is a welcome change. While the changes in rates for LTCG and STCG were not anticipated, the markets will take them in their stride.
We are happy to note that AMFI’s demand of change in definition of ‘Specified Mutual Funds’ under Section 50AA has been acceded to and will lead to rationalization in taxation for the funds affected hitherto.
