« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.