The recent changes to the taxation of debt mutual funds in India could discourage long-term investment, says Arnav Pandya, founder of Moneyeduschool. The lack of clarification as to whether the new rules apply to investments made before 31 March has led to concerns that investors could be hit with unexpected tax bills. SWPs remain a good way to reduce tax liabilities, Pandya said, but doubts remain over whether the negative impact on fixed-income products could steer investors away from mutual funds.