- LATEST
- WEBSTORY
- TRENDING
PERSONAL FINANCE
Atal Pension Yojana: Big changes for income taxpayers under new rule, know how it will impact you
According to the current rules, any citizen between the age of 18-40 who has a savings account with any bank or post office can apply for the scheme.
Updated : Aug 11, 2022, 11:09 AM IST | Edited by : Riddhima Kanetkar
 "Atal Pension Yojana: Big changes for income taxpayers under new rule, know how it will impact you")
TRENDING NOW
)
Aishwarya Rai fans express anger after Abhishek Bachchan, Amitabh Bachchan skip her birthday post: 'She needs to...'
)
Nimrat Kaur's shocking comment amid Aishwarya Rai, Abhishek Bachchan's divorce rumours goes viral: 'I felt sorrry for..'
)
Meet man, who secured AIR 2644 in JEE, did B.Tech from IIT Kanpur, has now started doing...
)
Meet second Muslim woman to crack UPSC exam, her family has 9 civil servants with 3 IAS, 1 IPS, 5 RAS officers, with AIR
)
'Looking for excuses...': Shah Rukh's statement on actors leaving their wives amid Aishwarya-Abhishek divorce rumours
)
Aishwarya Rai Bachchan Birthday: Kajol pens heartfelt wishes for actress, calls her...
)
Mukesh Ambani's superhit plan for Jio users, 2GB data per day, unlimited calls at just Rs...
)
Mukesh Ambani's Diwali gift to Reliance employees is a box of..., watch viral video
)
Tom Hanks reacts to Forrest Gump remake, Laal Singh Chaddha, says Aamir Khan flop has 'differences need to be...'
)
Meet Salman Khan's 'niece' who rejected film with him, vanished from Bollywood after one blockbuster, now works as...
)
Amid link up rumours with Abhishek Bachchan, Nimrat Kaur drops special video with her 'favourite human'
)
Mukesh Ambani, Nita Ambani's choti bahu Radhika Merchant stunned at Abhishek Bachchan, Aishwarya Rai's party at Jalsa
)
Ratan Tata's Will: Who will get Tata's beachfront Colaba residence, luxury car collection?
)
Amid linkup rumours with Abhishek Bachchan, Nimrat Kaur drops Diwali photos with cryptic note: 'Mere ghar se...'
)
Big changes in UPI payment from November 1, Paytm, PhonePe and GPay users must pay attention, it is...
The Central government has introduced some changes to the Atal Pension Yojana, which was started in 2015, aiming to provide pension facilities to those working in the unorganised sector. Notably, the Ministry of Finance has now chosen not to allow income taxpayers to apply for the Atal Pension Yojana. The new order issued by the Finance Minister will come into effect from October 1, 2022.
As per the gazette notification issued by the Ministry of Finance on August 10, any Indian citizen who is or has been an income tax payer as per the Income Tax Act will not be qualified to join the Atal Pension Yojana from October 1, 2022.
READ | Early signs of thyroid you shouldn't ignore
The new provision says that if someone joins the scheme on or after October 1 and is found to be an income taxpayer, their account will be closed immediately. The pension amount deposited till that time will be refunded as well.
The Ministry's notification read, "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."
READ | CEO posts crying selfie on LinkedIn after firing his employees, leaves internet divided
What are the rules to apply for Atal Pension Yojana?
According to the current rules, any citizen between the age of 18-40 who has a savings account with any bank or post office can apply for the scheme. According to the new rules, applicable from October 1, 2022, income taxpayers won’t be able to participate and invest in the Atal Pension Yojana.
