Updates by PracticeGuru

The Corrigendum to Notification No. 4 of 2021 updates the reporting rules for mutual fund transactions. Key changes include:
Reporting is now half-yearly, starting April 1, 2023. Submission deadlines are October 31 for the first half and April 30 for the second half of the financial year. It specifies how mutual funds are classified based on their equity share investment proportions. It emphasizes compliance with the Income Tax Act's Section 285BA and Rule 114E sub-rule 5A. It details minimum holding periods for different mutual fund asset classes.
This aims to streamline reporting and ensure compliance with tax regulations.