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HomeBusiness NewsNo extra Atal Pension Yojana advantages for Revenue Tax payers from October...

No extra Atal Pension Yojana advantages for Revenue Tax payers from October 1

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The federal government launched APY on June 1, 2015, to offer social safety to employees primarily within the unorganised sector

The federal government launched APY on June 1, 2015, to offer social safety to employees primarily within the unorganised sector

Revenue tax payers is not going to be allowed to enrol within the authorities’s social safety scheme Atal Pension Yojana (APY) from October 1, in line with a notification.

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

“… from 1st October,2022, any citizen who’s or has been an earnings tax payer, shall not be eligible to hitch APY,” the Finance Ministry mentioned within the notification.

The Ministry has modified its earlier notification on APY.

The brand new notification, issued on Wednesday, is not going to 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 earnings tax payer on or earlier than the date of software, the APY account shall be closed and the accrued pension wealth until date can be given to the subscriber, the notification mentioned.

Underneath the earnings tax legislation, folks having taxable earnings of as much as ₹2.5 lakh usually are not required to pay earnings tax.

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

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The federal government had co-contributed 50% of the whole contribution or ₹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 likewise not an earnings 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 had been opened over the last fiscal, taking the whole variety of subscribers to 4.01 crore on the finish of March 2022.

By- The Hindu

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