Rajiv Gandhi Equity Savings Scheme- New Deduction Introduced

A new section 80CCG is introduced for deduction upto Rs 25000. This scheme would allow for income tax deduction of 50% to new retail investors, who invest up to Rs 50000 directly in equities & whose annual income is below Rs 10 lakh. The lock in period for this scheme would be 3 years. From Financial year 2013-14, a resident whose gross total income for a year is up to Rs 12 lakh, can claim deduction under this scheme. This deduction can be claimed by a resident individual who has not opened a demat account & has never made […] Read more