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Feb 19, 2013

FAQ on Rajiv Gandhi Equity Savings Scheme (RGESS) -Section 80CCG

FAQ on Rajiv Gandhi Equity Savings Scheme (RGESS) -Section 80CCG

I.  Objectives and legal aspects of RGESS 1. What is RGESS Rajiv Gandhi Equity Savings Scheme (RGESS), is a tax saving scheme announced in the Union Budget 2012-13 (para 35). The scheme is designed exclusively for the first time retail individual investors in securities market, whose gross total...

Eligibility Criteria & Process to claim benefits of Rajiv Gandhi Equity Savings Scheme (RGESS)


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...

Analysis of the word 'Permanent Establishment'


The concept of Permanent Establishment is one of the most important concepts in International Taxation. The existence of a Permanent Establishment or otherwise, would in most cases determine the exposure to domestic tax liability in the country of source.

Profession Tax – Review of Latest Amendments in Maharashtra


 1)        Profession Tax E-Enrollment- 3rd proviso to Sec 3(2) is inserted from 01.05.2012. Which states that, a person who is liable to pay tax has remained un-enrolled; then, his liability to pay tax under this section for the periods for which he has remained so un­enrolled shall not exceed...

Non-payment of interest to co-operative bank would not attract disallowance u/s. 43B


Section 43B of the Act is applicable only in respect of any amount paid as interest to a scheduled bank. A scheduled bank as defined in Explanation 4 to Section 43B of the Act would have the same meaning as contained in the Explanation to Section 11(5) (iii) of the Act.

Losses of non Section 10A units cannot be set off against profit of 10A unit


This issue is covered by the decision of the Hon'ble High Court of Karnataka in the case of Yokogawa India (cited Supra), wherein it has been held that for computing the deduction u/s 10A of the Act, the profit of eligible units have to be deducted at source and do not enter into the...

Standalone health insurance companies can avail services of Agents


It has also been decided to allow Standalone health insurance companies to avail the services of Agents, Corporate Agents of other Life and/or Non-Life insurance companies to distribute their products provided such Agents and Corporate Agents undergo 25 hours training as mandated at para (2) above.

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