The government is running a wide range of programs for the citizens of the nation. Through these programs, the government hopes to help the populace. The Modi administration just unveiled a program for women at the same time. This scheme is only available to women. The Modi administration has just announced further positive news regarding this program. In fact, this program will now provide tax assistance to women.
Plan for women
The Mahila Samman Certificate Scheme’s interest would no longer be subject to TDS, according to a government announcement. According to the eligible tax slabs, as stated in the CBDT notification, interest income would be taxed in the payee’s hands. On May 16, CBDT announced TDS provisions for savings plans. According to the plan, a bank account can be opened under a girl’s or woman’s name.
Notification
According to the CBDT notification, if the interest received on Mahila Samman Savings Certificates (MSSC) does not exceed Rs 40,000 in a fiscal year, TDS is not payable. Actually, with 7.5% interest, this plan will repay Rs. 15,000 in a year and Rs. 32,000 in two. Given that the interest received over a financial year will be less than Rs. 40,000, it may be argued that no TDS will be necessary.
Certificate of Savings for Mahila Samman
A two-year Mahila Samman Savings Certificate can be purchased. With alternatives for partial withdrawals, it offers a fixed interest rate that is compounded quarterly. The program will remain in effect until March 31, 2025, a two-year term. The rate of interest under this plan is 7.5 percent. Additionally, the maximum investment is Rs 2 lakh.
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