Canbank MF Declares 60 pc Dividend On Can Equity Tax Scheme

Kochi: Canbank Mutual Fund has announces 60% dividend on its CanEquity Tax Saver Scheme, which has a face value of Rs 10. The CanEquity Tax Saver Scheme is an open-ended equity linked tax saving scheme. The investment objective of the scheme is to give long-term capital appreciation by predominantly investing in equities. The investments in the scheme up to Rs 1 lakh is freed from tax under 80 C of the Income Tax Act and the buyback of units under the scheme can be made after a lock-in period of three years from the date of allotment. The record date for income distribution has been fixed as March 15. All unit holders whose names appear in the register as on record date are eligible for this income distribution. The books of the scheme shall remain closed on March 16 on account of the dividend distribution.