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Prudential ICICI Mutual Fund For Capital Gains: (i) In respect of Resident Unit holders: No tax is required to be deducted at source on capital gains arising to any resident unit holder (under section 194K) vide circular no.715 dated August 8, 1995 issued by the Central Board for Direct Taxes (CBDT). (ii) In respect of Non- Resident Unit holders: Under section 195 of the Income Tax Act, 1961, tax shall be deducted at source in respect of capital gains as under: a. In case of non resident other than a company any other person - Ø Long term capital gains 20% plus surcharge Ø Short term capital gains 30% plus surcharge b. In case of foreign company - Ø Long term capital gains 20% plus surcharge Ø Short term capital gains 40% plus surcharge c. In case of Offshore Fund as defined in 115AB – Ø Long term capital gains 10% plus surcharge As per circular no. 728 dated October 1995 by CBDT, in the case of a remittance to a country with which a Double Taxation Avoidance Agreement (DTAA) is in force, the tax should be deducted at the rate provided in the Finance Act of the relevant year or at the rate provided in DTAA whichever is more beneficial to the assessee. E. Exemption from tax on capital gains arising on transfer of units held for more than 12 months U/S 54EA and U/S 54EB of the Income Tax Act,1961. Under Section 54 EA and 54 EB of the Income Tax Act, 1961, capital gain from the transfer of a long term capital asset before the 1 st day of April 2000, was exempt, in case net consideration and capital gain was invested in units of Mutual Fund for the period of 3 years and 7 years respectively, within a period of six months from the date of transfer of long term capital asset. Under section 54EC of the Act As provided under section 54EC of the Income Tax Act, 1961, where an assessee has made capital gains from the transfer of units held in Mutual Fund Scheme for a period exceeding 12 months and the assessee has any time within a period of 6 months after the date of such transfer, invested the whole of the capital gains in the long term specified assets i.e., in bonds redeemable after 3 years issued by the National Bank for Agriculture and Rural Development, or by the National Highways Authority of India or by the Rural Electrification Corporation Limited or by National Housing Bank or by the Small Industries Development Bank of India, such capital gains shall be exempted from tax on capital gains under section 54EC of the Income Tax Act 1961. However, if the assessee has invested only a part of the capital gains, he will be eligible for the proportionate exemption. Under section 54ED of the Act Under Section 54ED, capital gains arising from the transfer of units held in the Mutual Fund Scheme for a period exceeding 12 months will be exempt, if the assessee has, any time within a period of 6 months after the date of such transfer, invested the whole of the capital gains in acquiring equity shares forming part of an eligible issue of capital. However, if the assessee has invested only a part of the capital gains, he will be eligible for the proportionate exemption. An eligible issue of capital means an issue of equity shares offered for subscription to the public by a public company formed and registered in India. 2.2 INVESTMENTS BY CHARITABLE AND RELIGIOUS TRUSTS IN THE PLAN Units of a Mutual fund Scheme referred to in clause 23D of section 10 of the Income Tax Act, 1961, constitute an eligible avenue for investment by charitable or religious trusts per rule 17C of the Income Tax Rules, 1962, read with clause (xii) of sub-section (5) of section 11 of the Income Tax Act, 1961. 2.3 WEALTH TAX Units held under the Mutual Fund Scheme are not treated as assets within the meaning of section 2(ea) of the Wealth Tax Act, 1957 and are, therefore, not liable to Wealth-Tax. 80
Prudential ICICI Balanced Fund UNCLAIMED REDEMPTION / DIVIDEND AMOUNT The unclaimed Redemption amount may be deployed by the Mutual Fund in call money market or money market instruments only and the investors who claim these amounts during a period of three years from the due date shall be paid at the prevailing Net Asset Value. After a period of three years, this amount will be transferred to a pool account and the investors can claim the amount at NAV prevailing at the end of the third year. The income earned on such funds will be used for the purpose of investor education. The AMC will make a continuous efforts to remind the investors through letters to take their unclaimed amounts. Further, the investment management fee charged by the AMC for managing unclaimed amounts shall not exceed 50 basis points. Unclaimed Dividend / Redemptions in respect of the open ended funds normally represent the time lag between funding of the respective accounts (with bank) by the AMC and the time taken for presentation of redemption/dividend warrants by the investors. No significant delay in the process is noticed. Hence the details in respect of open-ended funds is not mentioned. Details in respect of Prudential ICICI Premier are given below – As of March 31, 2003 As of August 31, 2003 Unclaimed Redemption Amount Rs. 8.28 Crores in respect of 36,632 investors Rs. 7.58 Crores in respect of 33,796 investors Unclaimed Dividend Amount Rs.0.03 Crores Rs. 0.03 Crores 81
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