It is hurtful that you need to pay taxes on everything including your savings and I really don’t like it and not paying taxes is also to bring you serious issues. I knew that savings in a bank is taxable but tax on pension amount is actually too much. The interest rate of banks have drastically decreased over the past few years and when our maid asked Atal Pension Yojana
comes under which section, I was quite astonished since I did not know that such governmental schemes are also taxable. My mother too was not sure so we both asked my father about it. Let me tell you, under which section it comes.
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The one word answer for this question is Yes.
Atal Pension Yojana Income Tax Section 80CCD under the Income Tax Act, 1961 is taxable. Contributions made by a person under this scheme gets taxed where the maximum deduction allowed is 10% of gross total income.
The current limit for Section 80CCD (1B) is Rs 50,000 over and above Rs 1.5 lakh limit under Section 80C. One investing in this scheme must be aware of the Atal Pension Yojana
scheme tax benefit or he or she will not ever be able to figure out why they are not getting the full amount.
You can further ask the bank officials about the exact amount they are going to deduct based on the amount in this bank account.
This is what my father answered when we posed the question
Atal Pension Yojana
comes under which section.
Read More:Who is eligible for
Atal Pension Yojana
scheme?
How can change nominee in Atal Pension Yojana?
How to download Atal Pension Yojana Statement
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Authors Of The Question
Does Atal Pension Yojana Comes Under Tax Benefit?
Kamalika
53Views
2 Year
2022-08-12T10:00:19+00:00 2022-08-12T10:00:20+00:00Comment
1 Answers
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