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Will there be an income tax on Atal Pension Yojana?

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Will there be an income tax on Atal Pension Yojana?
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If you do not know about the Atal Pension Yojana, then let us tell you what the Atal Pension Yojana is. After completing 60 years, the Modi government introduced this scheme to give guaranteed monthly pension to senior citizens. In this scheme, you can enter the scheme from the age of 18 to 40 years and after the age of 60, you get a pension of 1000 to 5000 per month.

The government started this scheme to give guaranteed income especially to the poor people after the age of 60 years. In this scheme, the government also deposits an amount equal to 50% of your contribution or Rs 1,000 annually for 5 years, whichever amount is less. Only those people get this amount, then they do not pay income tax and are not the beneficiaries of any other social security scheme of the government. The management of this entire pension scheme has been given to the Pension Fund Regulatory and Development Authority (PFRDA) to give guaranteed returns.

Will there be an income tax on  Atal Pension Yojana?

If you also want to take advantage of this scheme and get a pension of 5000 every month after 60 years, from now till the age of 60, you will have to invest 577 every month. For this, you will also have to do KYC from your base.

If someone dies at the age of 50, then this plan was transferred to your Nomani. Then he will have to invest every month for the next 10 years. After that, after 10 years, he could avail the benefit of this scheme. Or he can withdraw the same amount simultaneously.

MyMoneyMantra’s founder Raj Khosla says that the income from the pension of a person who gets the benefit of pension will be considered as income tax. In such a situation, whatever slab income tax will be made according to his income, he will have to pay the same amount of income tax.

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