Income tax payers will not be able to join APY from October 1, in this Rs 210. 5 thousand in pension | Income tax payers will not be able to join APY from October 1, in this Rs 210. I get 5 thousand pension | NewsBust Income tax payers will not be able to join APY from October 1, in this Rs 210. 5 thousand in pension | Income tax payers will not be able to join APY from October 1, in this Rs 210. I get 5 thousand pension | NewsBust

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Income tax payers will not be able to join APY from October 1, in this Rs 210. 5 thousand in pension | Income tax payers will not be able to join APY from October 1, in this Rs 210. I get 5 thousand pension

By Amit - August 11, 2022

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  • Income Tax Payers Will Not Be Able To Join APY From October 1, In This Rs 210. I Get 5 Thousand Pension

New Delhi35 minutes ago

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The government has made major changes in the Atal Pension Yojana (APY). According to the gazette notification issued by the Finance Ministry, a person paying income tax from October 1, 2022 will not be eligible to join this scheme. Atal Pension Yojana is considered a dominant player in the social security space in the country. This scheme was launched by the Modi government in 2015 and mainly focuses on the people of the unorganized sector.

The Finance Ministry said, if a subscriber joins this scheme on or after October 1 and later he is found to be an income tax payer, then his APY account will be closed and the pension amount deposited till then will be returned to the subscriber. APY primarily provides financial coverage to people who are uncertain about their income and social welfare post retirement.

know about the scheme
Under Atal Pension Yojana, a pension of Rs 1,000 to Rs 5,000 is available every month on attaining 60 years of age. A person from 18 years to 40 years can invest in the scheme. That is, it is mandatory to invest at least 20 years in it. To get a pension of 1 to 5 thousand rupees per month, the subscriber will have to pay 42 to 210 rupees per month. This will happen on taking the scheme at the age of 18 years.

If a subscriber takes the scheme at the age of 40, then he will have to make a contribution of Rs 291 to Rs 1,454 per month. The higher the contribution the subscriber makes, the higher the pension he will get after retirement. The benefit of tax deduction is also available in this guaranteed scheme of the government. In this, additional tax benefit is given under section 80 CCC and 80CCD.

After the death of the subscriber, his/her spouse will be paid equal pension and on the death of both the subscriber and the spouse, the pension amount accumulated till the age of 60 years will be returned to the nominee.

Pay installment as per convenience
Under this scheme, investors can invest monthly, quarterly or semi-annually i.e. over a period of 6 months. The contribution will be auto-debited, i.e. the amount will be automatically deducted from your account and credited to your pension account.

Can open account online
The number of people joining this scheme has crossed the level of 4 crores. According to the Pension Fund Regulator (PFRDA), more than 99 lakh accounts were opened in the last financial year, ie FY2021-22, under the Atal Pension Yojana. Those who have an account in State Bank can somehow open an online account to take advantage of this scheme, here we are telling the step-by-step process.

  • To apply, you must first log in to SBI.
  • After that click on e-Services link.
  • In the new window that will open, a link will be there in the name of Social Security Scheme. There you have to click.
  • After that you will see 3 options, PMJJBY/PMSBY/APY. Here you have to click on APY i.e. Atal Pension Yojana.
  • After that you have to fill your complete details. In which the correct account number, name, age and address etc. will have to be given.
  • Which one are you choosing from pension options like Rs 5,000 or Rs 1,000 monthly.
  • After that your monthly contribution will be decided based on your age.

Account can also be opened by visiting the bank
You can open an account in any bank. You will have to fill the form of Atal Pension Yojana and submit it to the bank branch along with the requested documents. After the application is approved, you will get a confirmation message.

There is more news…

Amit

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