There is a reason why you are not getting information on this scheme. It is one of the most complex tax deduction schemes devised with a very small deduction available. Hence, it is no surprise that it is not popular. First, check if you are eligible for the deduction. Broadly if your income (before deductions) is less than Rs 12 lakh and you don't already have a Demat account, then you can be eligible for this deduction. You have to open a Demat account and designate it as an RGESS Demat account. You can invest in certain listed shares – details given here (http://www.bseindia.com/rgess/eligible_securities.htm) or in certain listed mutual fund schemes/ETFs – details given here (http://www.bseindia.com/rgess/eligible.htm). You can get a deduction of up to 50% of the amount invested subject to a maximum of Rs 25,000. There is a 3-year lock in on these investments though some flexibility is allowed in terms of substituting one eligible security for another. I would recommend an investment in an eligible ETF or an eligible mutual fund scheme. If you are very keen on getting a deduction under this section your best bet is to open a brokerage account with your existing banker who will guide you further on this.
This query has nothing to do with investments or taxation. This is a question about RTI which is not a subject matter of this column. So according to me, it should not be answered here. Anyways, my answer is - I don't think the tax department can disclose the details of the income tax returns of the husband to his wife without a court order. I don't think RTI can help in this.
If your basic salary was above Rs 15,000 when you had joined this organisation you had a choice not to join the Employee Provident fund Organisation at your new organisation. But having opted to join the EPFO you do not now have the option of discontinuing the contribution to EPFO. The finance minister was not joking when he mentioned that EPFO does not have subscribers, it has hostages. The only option you have is to restrict your contribution to a maximum of Rs 780 per month (12% of Rs 6,500) and your employer will have to match it to that extent only. This is beneficial to you only if your employer is a cost-to-company employer who will pay you the amount saved as the contribution to EPFO as salary.
The assessment year 2014-15 pertains to the financial year ended March 31, 2014. The last date by which you could file a belated return in respect of that assessment year is March 31, 2016. You cannot file a return in respect of that assessment year after March 31, 2016.
A return of Rs 2,000 per month on a deposit of Rs 1 lakh is 2% return per month or a return in excess of 24% per annum. If you invest Rs 1 lakh in senior citizen saving scheme which is risk-free, you will get Rs 2,150 per quarter (not per month). Even this interest rate of 8.60% is widely expected to drop next month. The return from any "safe" investment is likely to be around the same amount, if not lower. There is a chance of you getting cheated if you have such unrealistic expectation of return from your investment.
Harsh Roongta is a chartered accountant and Sebi-registered investment expert. Send your queries – be it on mutual funds, tax, loans or savings – to personalfinance@dnaindia.net or tweet them to @AskHarshdna