The National Savings Schemes operating under the Central Directorate of National Savings(CDNS) has notified a 50 percent increase in income tax rates on profits earned from investing in government schemes.
Effective from July 1st, the tax rate on debt income levied under Section 7B (Income Tax Act) will be 15% for Investors who are in the Active Taxpayers List (ATL), according to a notice issued by CDNS. However, individuals who are not included in the list of active taxpayers will be subject to an income tax of 30%.
Previous tax rates were 10% for Filers and 20% for Non-Filers.
The income tax rates of 15 and 30 percent are only for those who make a profit of Rs 500,000. If their profit margin exceeds the threshold of Rs 500,000, they will be charged standard rates – up to 35%.
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