Senior
35 Points
Joined September 2010
Your contribution about deduction under chapter VI-A is very helpful & have many new updates
I have one query about Section 80CCG: Rajiv Gandhi Equity Saving Scheme
What do you mean by "(maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000)."
Can u answer the following?
income (Rs.) Tax (Rs.) amt invested amount of deduction
8,00,000 90,000 75,000 ?
9,50,000 1,20,000 1,00,000 ?
Section 80CCG: Rajiv Gandhi Equity Saving Scheme
As per the Budget 2012 anouncements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).