Atal Pension Yojana: Income tax payers will no longer get Rs 5000 every month, the government evicted from this scheme

If you pay income tax, then you will no longer be able to take advantage of the Atal Pension Yojana of the Central Government. The government has decided to stop enrollment in this social security scheme APY for income tax payers from October 1. This information was given in a notification.

The government had launched the Atal Pension Yojana (APY) on June 1, 2015, primarily to provide social security to workers in the unorganized sector. The subscribers of the scheme get a minimum pension of Rs 1,000 to Rs 5,000 monthly with a guarantee after attaining the age of 60 years depending on their contribution.

The Finance Ministry said in the notification, "With effect from October 1, 2022, any citizen who is, or has been, an income tax payer shall not be eligible to join APY." The ministry has changed its previous notification on APY. The new notification issued on Wednesday will not be applicable to those subscribers who have joined the scheme before October 1, 2022.

According to the notification, if a subscriber, who has joined the scheme on or after October 1, 2022, and is subsequently found to have been an income tax payer on or before the date of application, his APY account will be closed and the accumulated pension amount till now will be given to him. Under the Income Tax Act, people with taxable income up to Rs 2.5 lakh are not required to pay income tax.