Tax payers can no longer be a part of the Atal Pension Yojana: FinMin
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Income tax payers will soon be disallowed to be a part of the Atal Pension Yojana (APY). According to a gazette notification issued by the Ministry of Finance, "Any citizen who is or has been an income-tax payer, shall not be eligible to join APY." The rule will come into effect on October 1, 2022.
The notification has also clarified that an 'income tax-payer' is a person who is "liable to pay income-tax in accordance with the Income Tax Act, 1961, as amended from time to time."
The notification further said that those who are already participating
in the scheme will cease to be a part of it from October 1. However,
they will receive the money accumulated in their respective accounts.
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Is it based on net tax outgo in lifetime or declaring taxable income above 2.5L or just filing ITR is enough to cancel the membership of this "gold medalist" yojana?
Just filing yax returns would do.
Infact, from whhat they say
logically even those not filing but having as much tax liability would be exempt.
good days (acche din) are here.
Now the question is, for existing members, will the money be returned with interest/accumulation or they will eat up the accumulation and just return the principal, causing a loss to the individual. At present there is no transparent way to know the accrued returns/accumulations on the amount already paid.
So government wants to say that tax payers are not eligible for benefit from government.
They are suppose to earn and pay tax to government in return government can payback saying we launched so and so scheme as if it was there money. They should rather name everything as "Taxpayer Scheme ___________"
https://financialservices.gov.in/pension-reforms-divisions/Swavalamban-Scheme
The Swavalamban Yojna was primarily targeted towards the economically weaker sections oy (or those in the unorganised sector).
Mostly like unemployed youth or youth not getting proper jobs, farmers, labourers or self employed type labourers or workers.
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That circus was converted/ forced converted to Atal whatever Yojna for those Swavalamban Yojna beneficiaries who were below 40 years of age.
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Like literally... forget a tax payer per se... but even who knows the spelling of the words 'financial' and 'investments' ..... ought to have been ashamed of themselves if they ever put their money in Swavalamban Yojna or its latter avataar.
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And even the alleged targetted beneficiaries too were never adewlquately communicated about this.
So all in all, nobody really got ill affected or good affected.
It is targeted towards daily wage workers etc.
Incorrect article. Read the actual notification of government. Existing customers will not be affected by this notification in any way.
As per the circular, if someone is already a taxpayer on 1st Oct 2022 and creates a new APY account, it will be closed.
But it is silent about a person who is not a tax payer on the date of opening APY account but becomes a taxpayer later. Seems their account will be allowed.
No impact as per my understanding.
Very Good👍🏼