https://www.taxtmi.com/highlights?id=80053 The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market instruments, and to clarify the investment requirements for Fund-of-Funds (FoFs). A specified mutual fund shall mean a mutual fund that invests more than 65% of its total proceeds in debt and money market instruments, or a fund that invests 65% or more of its total proceeds in units of such a fund. The amendment under clause (ii) of the Explanation of section 50AA is proposed to be effective from April 1, 2026, and applicable from the assessment year 2026-27 onwards. en-us Fri, 02 Aug 2024 15:11:02 +0530 Fri, 02 Aug 2024 15:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80053 The definition of "Specified Mutual Fund" u/s 50AA is proposed to be amended to provide clarity regarding the proportion of investment in debt and money market instruments, and to clarify the investment requirements for Fund-of-Funds (FoFs). A specified mutual fund shall mean a mutual fund that invests more than 65% of its total proceeds in debt and money market instruments, or a fund that invests 65% or more of its total proceeds in units of such a fund. The amendment under clause (ii) of the Explanation of section 50AA is proposed to be effective from April 1, 2026, and applicable from the assessment year 2026-27 onwards. Highlights Bill Fri, 02 Aug 2024 15:11:02 +0530 https://www.taxtmi.com/highlights?id=80053