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Team Studycafe | Aug 12, 2022 | Views 999

Income Tax Payers not be eligible for Atal Pension Yojana W.r.t 1st October

Income Tax Payers not be eligible for Atal Pension Yojana w.r.t 1st October

The Department of Financial Services notifies that Income Tax Payers not be eligible for Atal Pension Yojana w.r.t 1st October via Notification.

Atal Pension Yojana was launched by Central Government to provide financial aid to senior citizens.

The Notification issued Stated “Provided that from 1st October,2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.”

Explanation provided, “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.”.

Notification further clarified that, “In case a subscriber, who joined on or after 1st October, 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber.”.

Atal Pension Yojana, formerly known as Swavalamban Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the year 2015 Budget speech by the Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata.

The new amendment will be effected from 1st October 2022.

For Official Notification Download PDF Given Below:

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