[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY, DATED THE 18.12.2013]
Government of India
Ministry of Finance
Department of Revenue
Notification
New Delhi, the 18th December, 2013.
(Income-tax)
S.O. _3693 (E).— In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:-
1. Short title, commencement and application. -
- This Scheme may be called the Rajiv Gandhi Equity Savings Scheme, 2013.
- It shall come into force on the date of its publication in the Official Gazette.
- This Scheme shall apply for claiming deduction in the computation of total income of the assessment year relevant to a previous year beginning on or after the 1st day of April, 2013 on account of investment in eligible securities under sub-section (1) of section 80CCG of the Income-tax Act, 1961(43 of 1961).
2. Objective of the Scheme.-The objective of the Scheme is to encourage investment of savings of small investors in the domestic capital market.
3. Definitions. - In this Scheme, unless the context otherwise requires,-
- “Act” means the Income-tax Act, 1961 (43 of 1961);
- “demat account” means an account opened with the depository participant in accordance with the guidelines laid down by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
- “depository” means a company as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);
- “depository participant” means a participant as defined in clause (g) of subsection (1) of section 2 of the Depositories Act, 1996 (22 of 1996);
- “eligible securities” means any of the following, namely :-
(a) equity shares, on the day of purchase, falling in the list of equity declared as “BSE-100” or “ CNX-100” by the Bombay Stock Exchange or the National Stock Exchange, as the case may be;
(b) equity shares of public sector enterprises which are categorised as Maharatna, Navratna or Miniratna by the Central Government;
(c) Units of Exchange Traded Funds or Mutual Fund schemes or equity oriented funds, which have eligible securities specified in sub-clause (a) or sub-clause (b) as underlying securities, provided they are listed and traded on a stock exchange and settled through a depository mechanism; To Continue Reading (Click Here)
