The centre on Wednesday said that interest received under the Mahila Samman Certificate scheme would not be subject to tax deducted at source (TDS) and will taxed based on the applicable tax bracket of the account holder.
The Central Board of Direct Taxes (CBDT) clarified it in a notification dated May 16.
The Union Finance Minister, Smt. Nirmala Sitharaman announced Mahila Samman Saving Certificate, a new small savings scheme for women and girls, in her Budget Speech 2023-24.
The scheme offers a maximum deposit amount of Rs. 2 lakh and a yearly interest rate of 7.5%.
Source Name: Economic Times