Regarding lsquo Atal Pension Yojana rsquo which of the following statements is are correct 1 Atal Pe...........

Economic Affairs Pension and Insurance

Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?

1. Atal Pension Yojana replaced the Swavalamban Yojana under National Pension Scheme.

2. All subscribers are eligible for the Central Government’s cocontribution of 50% of the subscriber’s contribution for a period of 10 years.

3. Contributions to the Atal Pension Yojana (APY) is eligible for tax benefits similar to the National Pension System (NPS).

4. Atal Pension Yojana is regulated by Pension Fund Regulatory and Development Authority (PFRDA)

Select your answer from the codes given below:

1 only

1, 3 and 4 only

2 and 3 only

1, 2, 3,and 4

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Explanation:

Statement 1 is correct. The Atal Pension Yojana was launched by the government with effect from 1st June, 2015. The scheme replaces the Swavalamban Yojana / NPS Lite scheme. Statement 2 is incorrect. Under the Atal Pension Yojana, the Central Government’s co-contribution of 50% of the subscriber’s contribution upto Rs. 1000 per annum, was available to each eligible subscriber, for a period of 5 years, i.e. from 2015-16 to 2019-20, who join APY before 31st March, 2016 and who is not a beneficiary of any social security scheme and is not an income tax payer. Statement 3 is correct.
Contributions to the Atal Pension Yojana (APY) is eligible for tax benefits similar to the National Pension System (NPS). The tax benefits include the additional deduction of Rs 50,000 under section 80CCD (1). Statement 4 is correct. The Atal Pension Yojana scheme is regulated by the Pension Fund Regulatory and Development