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Section 80ccg allows for greater deductions than rs.
Deduction under section 80ccg. Deduction under section 80ccg has been discontinued starting from 1st april 2017. Under section 80ccg a deduction of upto 50 000 being on their initial investment. Deduction under section 80ccg a new scheme was introduced to encourage flow of saving in financial instruments and improve the depth of domestic capital market.
The maximum deductions allowed are 50 of the total investment amount which should not exceed rs. Individuals with a valid demat account who haven t indulged in equity or derivative transactions are entitled to a 50 deduction on their investment subject to a maximum investment of rs 50 000. Deductions under section 80ccg under this section an individual can claim deductions up to rs.
1 50 000 as per the previously prevalent section 80c. The rajiv gandhi equity savings scheme was introduced in budget 2012. However it also aims to promote an equity culture in india.
The scheme is extremely useful for people making greater investments. This deduction was over and above the 80c deduction available to individuals key aspects of this scheme. Only first time investors in the equity market can avail deduction under this section.
The deductions can be claimed at the time when the income tax returns are filed by the taxpayer. 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. Let s explain the deductions with an example.
Tax deductions under section 80ccg of the income tax act are can be availed only by first time investors in the equity market. Due to lack of mass adoption this scheme was phased out post 1st april 2017. 50 of the total investment amount maximum upto 50 000.
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