Mahila Samman Savings Certificate: To provide financial security to the women of the country, ‘Women’s Honor Savings Certificate’ (M.S.S.C.) TDS will not be deducted on the interest received on the savings scheme.
Whatever interest women will get under this scheme, they will have to pay tax on that income according to the tax slab. The Central Board of Direct Taxes (CBDT) has notified the Tax Deducted at Source (TDS) provision for the Post Office Savings Scheme on 16 May. Under this, MSSC account can be opened in the name of any girl or woman of the country.
Saving scheme for women started this year
Mahila Samman Savings Certificate Scheme has been launched in the current financial year, announced by the Finance Ministernirmala sitharaman Presenting the budget for the year 2023-24, Under this savings scheme, any woman can deposit a minimum of Rs 1000 to a maximum of Rs 2 lakh in her account. It earns an interest of 7.5 percent per annum. The amount deposited under the Mahila Samman Savings Certificate Scheme will mature in 2 years.
Tax will not be deducted on income less than 40 thousand rupees
Neeraj Agarwal, partner, Nangia Andersen India, said that the CBDT notification clarified that TDS will not be deducted if the interest earned on Mahila Samman Savings Certificate does not exceed Rs 40,000 in a financial year.
2 lakh on MSSC will get this much interest in two years
Neeraj Aggarwal said, “Under the scheme, 15,000 interest will be made in a year on a deposit of Rs 2 lakh at 7.5 percent interest. In two years it will be Rs 32,000. In such a situation, it can be said that since the interest is less than Rs 40,000 in any one financial year, TDS will not be deducted. Can be opened.
