Ministry of Finance notifies amendment to Atal Pension Yojana.

LegalitySimplified

The Ministry of Finance on 10th August 2022, has notified that the citizen who is or has been an income-tax payer, shall not be eligible to join Atal Pension Yojana (APY) with effect from 1st October 2022. The notification has explained that 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.

However, 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.

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