The Central Board of Direct Taxes (CBDT) on May 16, 2023, issued a notification regarding the exemption of TDS applicable to the Mahila Samman Savings Certificate 2023 Scheme
This notification shall come into force from the date of its publication in the Official Gazette.
The following has been stated namely: -
• The Section 194A of the Income Tax Act 1961 states “ Interest other than ''Interest on securities'' the sub-clause (c) of clause (i) of sub-section (3) that “The provisions of sub-section (1) shall not apply—
(i) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year by the person referred to in subsection (1) to the account of, or to, the payee, does not exceed forty thousand rupees, on any deposit with a post office under any scheme framed by the Central Government and notified by it in this behalf”
• It further notifies the exemption of TDS to the Mahila Samman Savings Certificate, 2023 Scheme
[Notification No. S.O. 2189(E)]
