I am a salaried person. Can I get the benefit of tax saving if I opt for Atal Pension Yojna. If yes, then how much and under which option?
- Kashinath Mahato
The Atal Pension Yojana (APY) is a pension scheme for citizens of India mainly focused on the unorganised sector workers. Contributions to APY will also be eligible for the same tax benefits as the NPS. Tis means that premium amount paid can be claimed under section 80CCD. Current lmit for 80CCD tax exemption is ₹50000, which is over and above the 1.5 lakh 80C limit. The withdrawals will be in the form of pension and will be taxed as income as per the applicable slab.
Any ctizen of India between the age of 18-40 years and who has a savings bank account can opt for APY. Under this scheme pension is guaranteed from the age of 60 and the monthly pension will be one of the following depending on your contributions: ₹1000 or ₹2000 or ₹3000 or ₹4000 or ₹5000. Contributions will be as per your age and the monthly pension option that you choose.