Are there any exemptions for income from mutual funds?

Yes, certain income from mutual funds is exempt from tax under Section 10(23D) of the Income Tax Act, 1961. This includes income received by a Mutual Fund registered with SEBI, income from investments made by a Mutual Fund, and income received by unit holders from a Mutual Fund. However, the exemption is subject to specific conditions and limitations specified in the Act. The Delhi High Court, in the case of Fidelity World Investment Trust Fund v. ACIT (2013), upheld the exemption for income from offshore funds regulated by SEBI.