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Date: 16-May-2023 Category: Extra Ordinary State: Union Government Country: India

Notification under sub clause (c) of clause (i) of sub section (3) of section 194A of the Income tax Act, 1961 in the case of Mahila Samman Savings Certificate,2023,

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification declares the Mahila Samman Savings Certificate, 2023 as a scheme eligible for specific provisions under sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961.
  • This notification is issued by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance.

Key Changes

  • The Mahila Samman Savings Certificate, 2023, is now a designated scheme under section 194A of the Income-tax Act, 1961.
  • The notification takes effect from the date of its publication in the Official Gazette, May 16, 2023.
  • The Mahila Samman Savings Certificate, 2023 scheme was originally notified via notification G.S.R. 237(E) dated March 31, 2023.

Impact Analysis

Savers (Individuals investing in Mahila Samman Savings Certificate)

  • Action Item: Individuals should be aware of the TDS implications on their investments in the scheme and plan their finances accordingly.

Banks and Financial Institutions

  • Action Item: Update systems and processes to accurately deduct and remit TDS on interest payments related to the scheme.

Government

  • Action Item: Monitor the implementation of TDS provisions and provide necessary guidance to banks and financial institutions.

Key Entities Referenced

Central Board of Direct Taxes (CBDT): The issuer of the notification and the authority responsible for direct tax administration in India. Income-tax Act, 1961: The primary legislation governing income tax in India. Section 194A deals with TDS on interest income. Government Savings Promotion Act, 1873: The act under which the Mahila Samman Savings Certificate, 2023 scheme was created. Mahila Samman Savings Certificate, 2023: A savings scheme for women, notified via G.S.R. 237(E) dated March 31, 2023.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-16052023-245890 xxxGIDHxxx CG-DL-E-16052023-245890 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2096] नई दिल्ली, मगं लिार, मई 16, 2023/ििै ाख 26, 1945 No. 2096] NEW DELHI, TUESDAY, MAY 16, 2023/VAISAKHA 26, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 16 मई, 2023 आय-कर का.आ. 2189(अ).—केंद्रीय सरकार, आय-कर अजधजनयम, 1961 (1961 का 43)की धारा 194 क की उपधारा (3) के खंड (i) के उपखंड (ग) द्वारा प्रित्त िजियों का प्रयोग करते हुए अजधसूजचत करती ह ै दक सरकारी बचत बकैं अजधजनयम, 1873 (1873 का 5) की धारा 3क द्वारा प्रित्त िजियों का प्रयोग करते हुए बनाई गई और भारत के रािपत्र, असाधारण, भाग II, खंड 3, उपखंड (i) म ें प्रकाजित अजधसूचना संख्या सा.का.जन. 237(अ) तारीख 31 माच,ड 2023 द्वारा अजधसूजचत स्ट्कीम अर्ाडत ् मजहला सम्मान बचत प्रमाणपत्र, 2023 उि उपखंड के प्रयोिनों के जलए जिरजचत स्ट्कीम होगी । 2. यह अजधसूचना रािपत्र म ेंइसके प्रकािन की तारीख स े प्रिृत्त होगी । [अजधसूचना स.ं 27/2023/फा.स.ं 370142/11/2023-टीपीएल] मृणाजलनी कौर सप्रा, जनिेिक 3151 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 16th May, 2023 INCOME-TAX S.O. 2189(E).—In exercise of the powers conferred by sub-clause (c) of clause (i) of sub-section (3) of section 194A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the Scheme namely the Mahila Samman Savings Certificate, 2023, made in exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873) and notified vide notification number G.S.R. 237(E) dated the 31st March, 2023 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), shall be a Scheme framed for the purposes of said sub-clause. 2. This notification shall come into force from the date of its publication in the Official Gazette. [Notification No. 27/2023/F. No. 370142/11/2023-TPL] MRINALINI KAUR SAPRA, Director Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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