Atal Pension Yojana: The central authorities has amended the Atal Pension Yojana funding guidelines, which can turn into relevant from 1st October 2022. Within the modified Atal Pension Yojana guidelines, an revenue tax payer won’t be eligible to open Atal Pension Yojana account from 1st October 2022. In case, an investor who’s an revenue tax payer, joins APY scheme on or after 1st October 2022, his or her APY account will probably be liable to be closed. The Division of Monetary Companies below the Ministry of Finance has issued notification on this regard.
The notification issued by the Ministry of Finance says, “Offered that from 1st October,2022, any citizen who’s or has been an income-tax payer, shall not be eligible to hitch APY,” including, “In case a subscriber, who joined on or after 1st October, 2022, is subsequently discovered to have been an income-tax payer on or earlier than the date of utility, the APY account shall be closed and the accrued pension wealth until date can be given to the subscriber.”
For the aim of this clause, the expression “income-tax payer” shall imply an individual who’s liable to pay income-tax in accordance with the Earnings Tax Act, 1961, as amended on occasion.
Hailing this central authorities’s transfer in regard to APY scheme, SEBI registered tax and funding knowledgeable stated, “Atal Pension Yojana was launched to offer monetary assist post-retirement to the individuals working in unorganised sector who belong to the low revenue group. The transfer will allow the central authorities to achieve out to the precise finish customers for whom this social safety scheme is supposed for.” Solanki additionally stated that the transfer would assist central authorities to cease misuse of the social safety scheme.
About Atal Pension Yojana
Underneath this social safety scheme, APY subscriber would obtain a minimal assured pension of ₹1000 to ₹5000 monthly from the age of 60 years, relying upon his contribution. The identical pension can be paid to the partner of the subscriber after the demise of subscriber and on demise of each the subscriber and partner, the pension wealth as accrued until age 60 of the subscriber can be returned again to the nominee.
Obtain The Mint Information App to get Each day Market Updates.
Extra
Much less
Supply: Live Mint