Amfi wants tax benefits for retirement plans

Seeks Rs 50,000 deduction under Sec 80CCD of I-T Act, over & above Rs 1.5 lakh under Sec 80C

The mutual funds sector has sought the introduction of Mutual Fund Linked Retirement Plan (MFLRP), similar to the 401(k) plans in the US, as part of its Budget wish list. 

The Association of Mutual Funds in India (Amfi) wants the government to extend the tax benefits provided under section 80CCD of the Income Tax Act to these retirement plans. Section 80CCD provides an additional tax deduction of Rs 50,000 over and above the Section 80C limit of Rs 1.5 lakh a year. 

The sector body also wants these schemes to get the EEE (exempt, exempt, exempt) tax treatment, which will