The government has given great relief to Mahila Samman Savings Certificate investors. TDS will not be deducted on this. The Mahila Samman Saving Certificate Scheme was announced in Budget 2023 in February this year. (Jagran – File photo)
CBDT said on Wednesday that TDS will not be deducted from the interest received on Mahila Samman Saving Certificate Scheme (MSSC). On this only tax will have to be paid as per the tax slab of the interest recipient.
This is good news for those investors who are planning to invest in Mahila Samman Savings Certificate Scheme (MSSC).
released notification
A notification has been issued by the Central Board of Direct Taxes (CBDT) on 16 May. In this, a provision has been made not to deduct TDS from Mahila Samman Saving Certificate Scheme.
What is Mahila Samman Saving Certificate Scheme?
Mahila Samman Saving Certificate Scheme is run by the Central Government, especially for women. This was announced by the central government in the budget 2023. In this, a maximum of two lakh rupees can be invested at a time. You can invest in Mahila Samman Saving Certificate Scheme by visiting your nearest post office.
TDS is not applicable on interest earned on Mahila Samman Savings Certificate (MSSC), said Neeraj Agarwal, partner at Nangia Andersen India, reported news agency PTI. Because according to 7.5 percent interest, a maximum interest of Rs 15,000 is available on MSSC in one year and a maximum of Rs 32,000 in two years. TDS is deducted on income above Rs.40,000.
Get the benefit of 80C
By investing in Mahila Samman Saving Certificate Scheme, you can save up to Rs 1.5 lakh in a financial year under Section 80C of Income Tax.
