Financial Daily from THE HINDU group of publications
Sunday, Nov 13, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 13, 2005 |
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Industry & Economy
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Income Tax Markets - Mutual Funds ELSS investment in current fiscal eligible for tax benefits Our Bureau
New Delhi , Nov. 12 THE Central Board of Direct Taxes (CBDT) has clarified that investments made on or after April 1, 2005, in equity linked savings scheme (ELSS), which are in accordance with ELSS 1992 or ELSS 1992 as amended in 1998 are also eligible for tax benefit under section 80C of the Income-tax Act, 1961. Thus, all those who put in money in ELSS even after April 1, would be allowed to avail of tax benefits within the overall limit of Rs 1 lakh for investment in specified instruments. After the CBDT had announced revised norms for ELSS on November 3, there were doubts among investors and mutual funds on whether investments made during the current fiscal would be eligible for tax breaks. The latest ELSS notification has made it mandatory for ELSS to be launched as close-ended schemes that have to be would up after 10 years of allotment of the units.
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