
New Retail Investor - Rajiv Gandhi Equity Savings Scheme
One of the conditions for availing Section 80CCG deduction under the Rajiv Gandhi Equity Savings Scheme is that the taxpayer be classified as a new retail investor. According to the definition, a new retail investor is a resident individual who satisfies the following conditions:- Anyone who is yet to open a demat account and has not done any transaction in the derivative segment before the date of opening a demat account or the first day of the initial year, whichever comes later.;
- Anyone who has opened a demat account prior to notification fromRajiv Gandhi Equity Savings Scheme but has not done any transactions in the equity segment or the derivative segment before the date he entitles his current demat account with an intention to reap the benefits under RGESS or day one of the initial year, whichever comes later. Furthermore, 'Initial Year' means
- The financial year in which the investor entitles his demat account asRajiv Gandhi Equity Savings Scheme account and does investment in RGESS securities for availing deduction under RGESS; or
- The financial year in which the investor invests in eligible securities for availing deduction for the first time underRajiv Gandhi Equity Savings Scheme, if the investor doesn't invest in eligible securities in the financial year designated for the account
Related Guides
Popular Post

Starting a small business can be a transformative venture, offering the exciting opportunity...

Tax deduction at source, shortly and popularly known as TDS, was introduced by the Income Tax...

Goods & Services Tax Certificate is issued to people who are registered under GST...

GST registration applies to all individuals and entities supplying goods or services in India. GST...

Gift tax in India is applied when the value of the received gift exceeds ₹50,000 in the...

The Union Budget 2025 has brought significant changes to India’s personal income tax structure, raising the...

The Goods and Services Tax (GST) is an indirect tax system introduced in India in 2017. It functions...

A trademark search is simply checking if another person or organization does not already own the...

Section 194H of the Income Tax Act in India mandates the deduction of Tax at Source (TDS) on commission or brokerage...

Section 80G Deduction is a facility available in the Income Tax Act which allows taxpayers to...

The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However...

Internal audit applicability is a critical concept for companies in India, impacting various...

In the business world, two main types of companies exist: private company and public company...

Ministry of Finance vide a Notification No 05/2022- Central Tax (Rate) dated 13.7.2022 has issued...

The Central Board of Indirect Taxes and Customs (CBIC) has recently announced an extension...

Depreciation is a key concept in finance and accounting. It helps us manage how the value of...

Form 10IA of the Income Tax Department must be filed by taxpayers claiming income tax deduction...

The Goods and Services Tax (GST) system in India has been a significant reform in the country's...

India's Gross Domestic Product (GDP) benefits significantly from the substantial...

The Finance Act, 2023 introduced the MSME 45-day payment rule under Section 43B(h) of the Income Tax Act...

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced by Union Finance Minister...