As per the notification, “Provided that with effect from 1st October, 2022, any citizen who is or has been an income tax payer shall not be eligible to join APY.”
“If a subscriber, who has joined on or after October 1, 2022, is subsequently found to be an income tax payer on or before the date of application, the APY account shall be closed and the accumulated pension amount till now shall be paid to the subscriber. Gave.”
what is Atal Pension Plan
On 1 June 2015, the government implemented APY to provide social security to workers mostly in the unorganized sector. After turning 60, the program participants get a guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month depending on their contribution.
The plan also allows a subscriber to adjust his pension amount once in a year while it is still in the accumulation period.
In the event of the death of the subscriber, the wife of the subscriber shall be entitled to the same pension till his death. In addition, the nominee would be eligible to collect the pension fund which was accumulated till the age of 60 years after the death of both the subscriber and his/her spouse.
who is the income tax payer
As per notification dated 10th August, 2022, “For the purposes of this section, the expression “payer of income-tax” 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. – on time.”.