Budget 2023 made the new income tax regime the default regime. Since this regime doesn’t give Section 80C benefits, ELSS, or tax-saving mutual funds, have lost their tax-benefit edge. Aside from taxpayers who would still opt for the old tax regime, it remains to be seen if ELSS funds can sell themselves purely on performance.
Indian asset managers shift overseas business to GIFT City arynews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arynews.tv Daily Mail and Mail on Sunday newspapers.
Over the past six months, eight out of the top 10 Indian asset managers have either relocated their businesses to GIFT City or are in the process of doing so.
The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a "gateway for global capital and financial services for the economy" and is trying to attract companies through tax-breaks and other incentives.