Income Taxpayers Can't Join Atal Pension Yojana Account From October 1, 2022

The central government has amended the Atal Pension Yojana investment rules, barring income taxpayers from joining the scheme. Under the amended rules, an income taxpayer will not be eligible to open an Atal Pension Yojana account from October 1, 2022. A notification issued by the Department of Financial Services, Ministry of Finance, read, "Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY [Atal Pension Yojana]." Rs

In case, an income taxpayer joins the APY scheme on or after the specified date, their account shall be liable to be closed.

Income Taxpayers Can't Join Atal Pension Yojana

“For the purpose of this clause, the expression “income-tax payer" shall mean a person who is liable to pay income tax in accordance with the Income Tax Act, 1961, as amended from time to time,” the notification added. pay commission

Previously, the contribution made to Atal Pension Yojna was eligible for an income tax deduction of up to ₹ 50,000 under Section 80CCD (1B) of the Income Tax Act, over and above the ₹ 1.5 lakh per financial year allowed under Section 80C.

Announced in the budget of 2015-16, the Atal Pension Yojna, is a central government scheme that offers income security to individuals involved in the unorganised sector, post their retirement. The scheme guarantees its subscribers a monthly pension ranging between ₹ 1000 to 5000 post the age of 60 years, depending upon their contribution. Contribution to APY can be made in three modes of payment- monthly, quarterly and half-yearly. 

The minimum age to invest in the scheme is 18 years which goes up to 40 years. Premature exits from the scheme are only allowed in exceptional circumstances- in the event of death or terminal disease.

In the event of the subscriber's death, the pension amount shall be paid to their spouse. n case of the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 is returned to the nominee.

The Atal Pension Yojna is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS) architecture.


नोट :- हमारे वेबसाइट पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट से जुड़े रहे।