HomeCURRENT AFFAIRSBUSINESSAtal Pension Yojana: Income Tax Payers Barred from Enrolling from October 1

Atal Pension Yojana: Income Tax Payers Barred from Enrolling from October 1

Atal Pension Yojana : There has been a major change in the Modi government’s popular scheme Atal Pension Yojana (APY). The government has decided that from October 1, those people who pay income tax will not be able to join this scheme. This information has been given in a notification issued by the government.

Earlier, no such condition was applicable for joining the Atal Pension Yojana of the Central Government. Under the existing rules, all Indian citizens in the age group of 18 to 40 years can become a member of APY. For this, they have to apply through the branch of the bank or post office where they have a savings account.

In this notification issued by the Ministry of Finance, it has been said, “With effect from October 1, 2022, any citizen who is or has been an income tax payer, will not be eligible to join the Atal Pension Yojana (APY).”

Those subscribers will not come under the purview of this notification of the ministry, issued on Wednesday, before October 1, 2022. This means that if the income tax payers want to take advantage of this scheme, then at present they have the opportunity to join it till October 1, 2022.

According to the law related to income tax in the country, people whose annual income is 2.5 lakh rupees or less, they do not have to pay income tax.

Atal Pension Yojana: Income Tax Payers Barred from Enrolling from October 1

It has also been told in the government notification that if a subscriber joining APY on or after October 1, 2022, it is later found that he has been an income tax payer at the time of applying for the scheme or before that, then his APY account will be closed.

The amount deposited in the Pension Fund will be paid to such subscribers till the time the account is closed.

The Modi government started the Atal Pension Yojana (APY) with the aim of providing social security to the people working in the unorganized sector.

Under this scheme launched on 1st June 2015, there is a provision to give a pension of one thousand rupees to 5000 rupees every month to every subscriber. This pension is given after the age of 60 years. Who will get how much pension, it is decided by how long he has invested in the scheme and how much he has contributed every month. More than 99 lakh new APY accounts were opened during the last financial year. Including these, the total number of citizens subscribing in this scheme had become 4.01 crore by the end of March 2022.

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