Income Tax : Under the existing provisions of section 80CCG, deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a r...
Income Tax : Deduction under section 80 CCG a new scheme was introduced to encourage flow of saving in financial instruments and improve the de...
Income Tax : Eligibility for 80CCG - (1) the gross total income of the assessee for the relevant assessment year shall not exceed twelve lacs r...
Income Tax : CA Mohit Agarwal Who are the Eligible Investor ? – who opened a demat account as a ‘first holder’ after November 23, 201...
Income Tax : The RGESS that was launched in F.Y.2012-2013 and notified under section 80CCG has started its operations and there are few details...
Income Tax : Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide th...
Income Tax : Frequently Asked Questions on Rajiv Gandhi Equity Savings Scheme (RGESS) 5 February 2014 Contents I. Objectives and legal...
Income Tax : Notification No. 94/2013 - Income Tax S.O. 3693 (E).- In exercise of the powers conferred by sub-section (1) of section 80CCG of ...
SEBI : As announced in the Union Budget 2012-13, the Finance Act 2012 has introduced a new section 80CCG on ‘Deduction in respect of in...
SEBI : Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs. 50,000 in the s...
Income Tax : Notification No. 51/2012-Income Tax Rajiv Gandhi Equity Savings Scheme, 2012 shall apply for claiming deduction in the computatio...
Under the existing provisions of section 80CCG, deduction for three consecutive assessment years is allowed upto Rs. 25,000 to a resident individual for investment made in listed equity shares or listed units of an equity oriented fund subject to fulfilment of certain conditions.
Frequently Asked Questions on Rajiv Gandhi Equity Savings Scheme (RGESS) 5 February 2014 Contents I. Objectives and legal aspects of RGESS 1. What is RGESS 2. What is the objective of the Scheme?
Deduction under section 80 CCG a new scheme was introduced to encourage flow of saving in financial instruments and improve the depth of domestic capital market. However, it also aims to promote an ‘equity culture’ in India. This is also expected to widen the retail investor base in the Indian securities markets and further the goal of financial stability and financial inclusion.
Eligibility for 80CCG – (1) the gross total income of the assessee for the relevant assessment year shall not exceed twelve lacs rupees. (2) Should be a new retail investor. This means you should be using a demat account the first time ever for equities. You should be using a new demat account or if you had a demat account you should have never traded in equities using it before.
Notification No. 94/2013 – Income Tax S.O. 3693 (E).- In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:- 1. Short title, commencement and application. – (1) This Scheme may be called the Rajiv Gandhi Equity Savings Scheme, 2013. (2) It shall come into force on the date of its publication in the Official Gazette.
CA Mohit Agarwal Who are the Eligible Investor ? – who opened a demat account as a ‘first holder’ after November 23, 2012. – Opened a demat account prior to this date but never bought any shares or traded in the Futures and Options (F&O) segment. – still qualifies if his name appeared second in […]
The RGESS that was launched in F.Y.2012-2013 and notified under section 80CCG has started its operations and there are few details related to tax benefits that an Individual will have to consider to grab the full benefit of this scheme. Here are some of them:
Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide that a resident individual who has acquired listed equity shares in accordance with the scheme notified by the Central Government, shall be allowed a deduction of fifty per cent of the amount invested in such equity shares […]
List of Eligible Shares / Mutual Funds (MFs) & Exchange Traded Funds (ETFs) under Rajiv Gandhi Equity Saving Scheme (RGESS) The investment options under the scheme will be limited to the following categories of equities?*: Listed equity shares a. The top 100 stocks at NSE and BSE i.e., CNX-100 / BSE -100 (This does not mean […]
A new section 80CCG under the Income Tax Act, 1961 on ‘Deduction in respect of investment under an equity savings scheme’ has been introduced to give tax benefits to ‘New Retail Investors’ who invest up to Rs. 50,000 in ‘Eligible Securities’ and have gross total annual income less than or equal to Rs.10 Lakhs.
