highlights
This scheme is available in 1.59 lakh post offices across the country.
You can open an account for this program by visiting any of the nearest post offices.
Investments under this program do not qualify for an exemption under Section 80C of the Income Tax Act.
New Delhi. Swiss Post runs various programs for its customers. One such program is Mahila Samman Savings Certificate operated by the Post Office. At the presentation of the general budget for 2023, the Union’s finance minister, Nirmala Sitharaman, announced that this program would be launched with women in mind.
Let us tell you that at most Post Offices depositors get the benefit of Section 80C of the Income Tax Act withholding tax. In such a situation, many people want to know whether or not tax benefits can be enjoyed even after obtaining the Mahila Samman Savings Certificate (MSSC)? Today, here we will talk in detail about all the rules related to this scheme.
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Know what Mahila Samman Savings Certificate Scheme is
Mahila Samman Savings Certificate Scheme was announced in the 2023-24 Budget. Explain that the Mahila Samman Savings Certificate Scheme offers flexible investment for two years and partial withdrawal with a maximum investment limit of Rs 2 lakh and compound interest every three months. At the same time, this scheme is valid only for two years, that is, until March 31, 2025. In this postal system, the interest rate is 7.5 percent.
How to apply?
You can apply for the Mahila Samman Savings Certificate Scheme at any post office. The Ministry of Finance has also issued a decision for this regulation. Please advise that you can open an account for this program by going to any of the nearest post offices. This scheme is available in 1.59 lakh post offices across the country.
Do I get tax benefits?
According to a Treasury Department Notice dated April 5, 2023, investments under this program do not qualify for an exemption under Section 80C of the Income Tax Act. This means that you have to pay tax on the interest earned on it. If you have only invested in this program, there is no chance of your TDS being deducted.
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Tags: Budget 2023, business news, Business news in hindi, earn money, Finance Minister Nirmala Sitharaman, Nirmala Sitaraman, post, Small savings plans, Women
FIRST RELEASED : April 9, 2023 7:19 am IST
