Revenue tax payers barred from enrolling in Atal Pension Yojana from October 1


Revenue tax payers won’t be allowed to enrol within the authorities’s social safety scheme Atal Pension Yojana (APY) from October 1, in response to a notification.

The federal government launched APY on June 1, 2015, to offer social safety to staff primarily within the unorganised sector. Subscribers of the scheme get a minimal assured pension of Rs 1,000 to Rs 5,000 per thirty days after attaining 60 years of age relying on their contributions.

“… from 1st October,2022, any citizen who’s or has been an revenue tax payer, shall not be eligible to affix APY,” the finance ministry stated within the notification.

The ministry has modified its earlier notification on APY.

The brand new notification, issued on Wednesday, won’t apply to subscribers who’ve joined or joins the scheme earlier than October 1, 2022.

In case a subscriber, who joined on or after October 1, 2022, is subsequently discovered to have been an revenue tax payer on or earlier than the date of software, the APY account shall be closed and the amassed pension wealth until date can be given to the subscriber, the notification stated.

Underneath the revenue tax regulation, folks having taxable revenue of as much as Rs 2.5 lakh usually are not required to pay revenue tax.

Presently, all Indian residents between the age group of 18-40 years can be part of APY by way of financial institution or submit workplace branches the place one has the financial savings checking account.

The federal government had co-contributed 50 per cent of the whole contribution or Rs 1,000 every year, whichever is decrease, to every eligible subscriber, who joined the scheme in the course of the interval from June 2015 to March 2016. It was additionally topic to the situation that the subscriber was not a beneficiary of any social safety scheme and in addition not an revenue tax payer.

These APY subscribers obtained the federal government’s co-contribution for a five-year interval from 2015-16 to 2019-20.

Greater than 99 lakh APY accounts have been opened over the past fiscal, taking the whole variety of subscribers to 4.01 crore on the finish of March 2022.

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Revenue tax payers won’t be allowed to enrol within the authorities’s social safety scheme Atal Pension Yojana (APY) from October 1, in response to a notification. The federal government launched APY on June 1, 2015, to offer social safety to staff primarily within the unorganised sector. Subscribers of the scheme get a minimal assured pension…