The ₹61 trillion mutual fund (MF) industry has sought tax concessions for debt schemes in its proposal for the upcoming Budget, advocating for equal treatment of debt funds and debentures on the taxation front.
"It is requested that capital gains on redemption of units of debt-oriented MFs held for more than three years should be taxed at the rate of 10 per cent without indexation, as applicable in respect of debentures," the Association of Mutual Funds in India (Amfi) stated in its Budget wish list.
The proposal comes over a year after the Budget 2023 removed the indexation benefit from debt funds, resulting in higher tax outgo for investors. The change in taxation has led to the drying up of flows in medium-to-long-term horizon debt schemes.
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