Mutual Funds file Return of Income


Mutual Funds file Return of Income

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Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income [Section 139(4C)]

Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income [Section 139(4C)] [W.e.f. A.Y. 2015-16]

Section 10(23D) exempts the income of a Mutual Fund, section 10(23DA) exempts the income of a securitisation trust from the activity of securitisation and section 10(23FB) exempts the income of a venture capital company (VCC) or venture capital fund (VCF) from investment in a venture capital undertaking. The Mutual Fund or securitisation trust or VCC or VCF are not obligated to furnish their return of income under section 139. Instead they are required to furnish a statement giving details of the nature of the income paid or credited during the previous year and such other relevant details as may be prescribed. The Act has amended section 139(4C) so as to provide that Mutual Fund referred to in section 10(23D), Securitization trust referred to in section 10(23DA) and Venture Capital Company or Venture Capital Fund referred to in section 10(23FB) shall, if the total income in respect of which such fund, trust or company is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed forms and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions, so far as may be, apply as if it were a return required to be furnished under section 139(1).BACK

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