« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  Tax reforms gain momentum in 2007... No service tax on health, education... » No tax deduction on disability pension to Armed Forces: Govt December, 22nd 2007 The government on Thursday said that there will be no deduction of income tax on payment of disability pension to the beneficiaries from the Armed Forces. "Banks have been advised to issue suitable instructions to all their pension disbursing branches that income tax should not be deducted from the disability pension paid to the pensioners of the Armed Forces," a Finance Ministry statement issued here said. Referring to some media reports that some banks were deducting tax from pension of disabled ex-servicemen in violation of government instructions, the finance ministry approached the Reserve Bank to investigate the matter and take remedial measures. After investigation, RBI discovered that in one specific instance, due to oversight, the disability pension was wrongly taken into account while calculating income tax, the statement said. Consequently, the apex bank issued instructions to all agency banks to strictly adhere to the provisions of the Defence Pension Payment Instructions, 2005, and not to deduct any income tax on disability pension to the ex-servicemen, it added.