Exemption of Tax Payers from Atal Pension Yojana

Exemption of Tax Payers from Atal Pension Yojana: Finance Ministry Notification dated 10.08.2022. 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.

MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION

New Delhi, the 10th August 2022

F.No.16/1/2015-PR.—Atal Pension Yojana:— In partial modification of Ministry of Finance, Department of Financial Services Notification No. 16/1/2015-PR dated 16th October 2015 on Atal Pension Yojana, published in the Gazette of India, Extraordinary, Part I, Section 1, the following amendment are hereby made:-

I. In the said notification at the end of para 2, the following shall be inserted, namely:-

“Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY.

Explanation: For the purpose of this clause, 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.”.

II. In the said notification, at the end of para 13, the following shall be inserted, namely:-

“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.”.

PANKAJ SHARMA, Jt. Secy.

Foot Note: The Original Notification was issued on 16th October 2015 and was subsequently amended by Notification dated 19th January 2016 and Notification dated 22nd March 2016.