Atal Pension Yojana (APY) - An Introduction with Web Online CA

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Pricing Summary

  • Web Online CA Fee
    Rs. 398/-
  • Complete By*
    31-May-2024

Documents Required

  • itr filing Form 16
  • Online ITR Filing Bank Statement
  • itr filing online Details of Other Income

APY: What is Atal Pension Yojana? Who and how can join APY scheme?

What is Atal Pension Yojana?

Atal Pension Yojana (APY), There is a pension scheme for citizens of India on unorganized sector warrants. Under APY, a minimum pension of Rs 1,000/- or 2,000/- or 3000/- or 4000 or 5000/- per month at the age of 60 years will be guaranteed depending on the contribution by the subscribers. APY is a guaranteed Pension Scheme by the Government of India and regulated by PFRDA.  Any citizen of India can join APY Scheme. Periodic contribution amount gets fixed as per age of entry and pension amount; contribution is lower at early age.

Age of Entry Monthly Pension of Rs 1000 Monthly Pension of Rs 2000 Monthly Pension of Rs 3000 Monthly Pension of Rs 4000 Monthly Pension of Rs 5000
18 42 84 126 168 210
20 50 100 150 198 248
25 76 151 226 301 376
30 116 231 347 462 577
35 181 362 543 722 902
40 291 582 873 1164 1454

Eligibility for Atal Pension Yojana

- Customer's age should be between 18 to 40 years.

- He/She should have a savings bank account in a post office or other savings bank.

- Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage. 

Who and how can join APY Scheme?

- Any citizen of India in the age bracket of 18 and 40 years and who is not paying Income tax can join the scheme.

- Subscribers can join APY through a bank branch/post-office or through a digital platform provided by banks.

- Contact the bank branch/post office where the person has a savings bank or open a new savings account if he does not have one.

- Provide bank/post office savings bank account number and fill the APY registration form with the help of bank staff.

- Provide Aadhaar/mobile number. This is not mandatory, but may be provided to facilitate communication about contributions.

- Ensure to maintain required amount in Savings Bank Account/Post Office Savings Bank Account for transfer of monthly/quarterly/half yearly contribution.

Benefits of Atal Pension Yojana

- The minimum pension under the Atal Pension Yojana will be guaranteed by the Government in the sense that if the actual return on pension contribution falls short during the period of contribution, such shortfall will be financed by the Government.

- If the returns over the period of contribution to pension are higher than the actual minimum returns on pension contributions, such excess benefits will be credited to the subscriber's account thereby benefiting the scheme.

- The Government will co-contribute 50% of the total contribution or Rs 1000 per annum, whichever is lower, to every eligible subscriber who joins the scheme between 1 June 2015 to 31 March 2016 and who is not a member of any other social security scheme. Is not a beneficiary and is not an income tax payer. Government co-contribution will be given for 5 years from financial year 2015-16 to 2019-20.

FAQs

What are the advantages of e-filing?

E-filing is a fast, convenient, secure, and sometimes free way to file taxes. E-filing is processed quickly, even if you wait until the last submission date.

If you file electronically and direct deposit your refund, the funds will be transferred to your bank account within a few days of receiving and processing your return. If you have a balance, you can pay by direct debit. And with e-filing, you don't have to worry about making mistakes, as errors are corrected immediately.

How does Online Income Tax Return Filing work in India?

Taxes imposed on the income of individuals, corporations, and other legal entities are formally called income taxes. There is no uniform tax rate for all income ranges, and it varies by industry and region, and in some cases, lower incomes are eligible to pay income tax.

There are two types of taxes: direct and indirect. A direct tax is a tax that is collected directly from the taxpayer, whereas an indirect tax is a third-party tax such as a value-added tax.

An Indian Income Tax Return (ITR) is a form for filing income and tax details with the Income Tax Authority. The tax eligibility of the taxpayer is calculated based on income. Sometimes, taxpayers are bound to get refunds from the Income Tax Department if their income tax returns show excess tax paid during the previous year.

All registered taxpayers with taxable income must file their Income Tax Returns online. However, people over 80 who do not have income from regular business or profession can also file paper returns.

 What is a GST return, and how many GST returns are filed?

GST Return is a document giving details of income that a registered GST dealer must submit to the Government of India's tax authorities. This return confirms the payment of the registered GST dealer and calculates the tax liability.

GST returns are filed monthly or quarterly, or annually by GST-registered dealers depending on the nature of the business and whether there is an option to file returns monthly or quarterly. 25 GST returns should be filed in a year.

Taxpayers who have opted for Quarterly Return and Monthly Payment Plan (QRMP) must file eight quarterly returns and one annual return. Hence, 9 GST returns are to be filed in a year.

What is the role of a Digital Signature Certificate?

A certificate serves as proof of a person's identity for a specific purpose. For example, a driving license identifies someone legally driving in a particular country. Similarly, a digital certificate may be presented electronically to identify a person, access information and services online, or digitally sign certain documents.

A licensed Certificate Authority (CA) may issue a digitally signed certificate. Certificate Authority (CA) means a person licensed under section 24 of the Information Technology Act, 2000 of India to issue Digitally Signed Certificates.

How do I register for MSME Udyam Online in India?

MSME stands for Micro, Small, and Medium Enterprises. There was no clear definition of MSME till the Atma Nirvana package was announced by the Finance Minister in May 2020. These companies were classified based on manufacturing and service industries. But after the Atmanirbhar package, this distinction between manufacturing and service industries has disappeared. The classification of these companies is currently based on investment and sales. Earlier, this process was known as Aadhar Udyog Registration.

MSMEs can register through MSME Govt Portal only. Users can register for a new MSME through this portal or re-register an already registered Udyami Aadhaar Memorandum Part II (EM-II) or Udyog Aadhaar Memorandum. The Ministry of Small and Medium Enterprises manages and operates this portal, so it is safe and reliable.

What are the benefits of having a FOSCOS/FSSAI License/Registration?

Consumers are becoming more aware of food quality, standards, and hygiene in this information age. It is more convenient for online grocery stores to be personally FSSAI certified before buying anything from outside, as it provides better assurance of food quality without contamination or foreign ingredients.

Legal Benefits: Most people still believe that getting a food license is a slow and challenging process with lots of paperwork and paperwork. There is also a need for clarification that getting a food license costs much money.

Use of FSSAI Logo: FSSAI licenses only those businesses that meet minimum hygiene standards. If you have a food sales license, you can display it on menu cards, pamphlets, packaging bags, etc. The FSSAI logo on the food will show the products in the competition.

Business expansion: All newly established companies want to expand their operations to all other places and explore new markets and consumer bases.

Customers should feel comfortable buying new products as they set up their business in recent locations. A valid food license also makes expanding your business to new places or opening new stores easier.

Quality upgrade: An FSSAI License/Registration facilitates the provision of high-quality food products and improves the overall performance of your food business.

What is a Store or Establishment License?

A shop and establishment license is a legal document issued by a state government that allows a business owner to operate legally. This license indicates that the owner has complied with the labor laws, welfare rules, and safety rules related to the store or establishment. Employers can also avail of benefits provided by the government, such as employee wages, insurance, and sick leave.

Who should apply for a Stores and Facilities License?

A store and convenience license is a mandatory registration that all businesses operating at a physical location must obtain. The specific requirements for obtaining a license may vary depending on the state in which your business is located. Generally, companies such as stores, restaurants, hotels, cafes, theaters, and other commercial establishments operating in physical locations must apply for a store and establishment license. Businesses that work from home offices or coworking spaces may also require this license. Standard documents required to obtain a store and facility license include proof of address, identity, and PAN card. Getting a license usually involves completing an application and submitting the required documents to your local municipal or state labor office.

Why is it essential to obtain a trademark registration?

Public Notice of Trademark: A registered trademark is a visible expression of ownership of a brand. Trademark registration also establishes a brand's reputation and lets consumers know that the products or services associated with the trademark meet the brand's quality and control standards. It is an acronym that helps consumers make purchasing decisions by quickly identifying and differentiating their products and services from those of their competitors.

National Validity and Ownership Estimates: Trademark registration applies nationwide and provides a presumption of trademark validity and trademark ownership. Under federal trademark law, all registered trademarks are deemed to meet all critical USPTO registration requirements and have actual requests with the trademark registration owner.

Resistance Against Trademark Infringement: Trademark registration allows us to stop competitors from infringing our trademarks and tells the police how our brands are being used. You can ask the infringer to stop using your marks or use the social media provider or online marketplace to remove the infringing content.

What is company registration?

Before filing for company registration, let us understand the concept of a company. What is a company? A company is a business entity having at least two directors and employees/shareholders. It is a legal business entity established under the Companies Registration Online Rules established under the Companies Act 2013.

So how do you register a company in India? Although the process is simple, it requires the assistance of a company registration service provider. Web Online CA provides end-to-end support, guiding you through every step required to register your company in India.

- Currently, under the National Pension System (NPS), subscribers are eligible for tax benefits on contributions and investment returns thereon. Additionally, upon exit from NPS the purchase price of the annuity is also not taxed and only the pension income of the subscriber is treated as part of ordinary income and is taxed at the appropriate marginal rate applicable to the subscriber. Similar tax treatment is applicable for APY customers.

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