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of <h1>Equity Oriented Funds: Dual Definitions Under Income Tax Act for Mutual Funds and Insurance Schemes Under Sections 10(38) and 112A</h1> For Income Tax purposes, an 'Equity Oriented fund' has two definitions. Under section 10(38), it means a fund investing over 65% of proceeds in domestic company equity shares, set up under a Mutual Fund scheme specified in clause (23D). Under section 112A, it includes both mutual funds and insurance company schemes with unit-linked policies. These must invest either 90% in exchange-traded fund units (which themselves invest 90% in listed domestic equity shares) or directly invest 65% in listed domestic equity shares. Percentages are calculated using annual averages of monthly opening and closing figures. Insurance schemes must maintain these investment ratios throughout the policy term.
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