LIVE: Tax on Disability Pension? Anger Grows Amidst Veterans Over New Budget Proposal

Описание: LIVE: Tax on Disability Pension? Anger Grows Amidst Veterans Over New Budget Proposal

The controversy surrounding the Army Veterans tax exemption has made news following the Union Budget's Finance Bill, which revoked a century-old income tax exemption on disability pensions for armed forces personnel who sustained disabilities but continued to be in service. First up, what is all this about? Disability pension for armed forces personnel has traditionally been fully exempt from income tax. This practice dates back to 1922 and continued under the Income Tax Act of 1961. A disability pension is a financial benefit provided to armed forces personnel who have suffered or aggravated disabilities in the course of service. It typically comprises two parts - a service element, based on length of service, and a disability element, based on percentage of disability assessed by a medical board. Over the years, this tax exemption has generally applied not only to personnel who were out of service due to serious disability, but also to many who continued serving despite their injuries and later retired normally. In 2019, the Income Tax Department issued a circular attempting to restrict the exemption only to those who were medically invalided out. However, the move was challenged in court, and the Supreme Court stayed its implementation, allowing the broader practice to continue

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