LPG Subsidy are being credited directly to bank account now. I am not sure how to handle this. What Ledger should be defined? Is it a Taxable Income?
Thanks in advance for your help.
SOUMYA SEN
(CA FINAL STUDENT)
(186 Points)
Replied 24 March 2015
LPG Subsidy is a Capital Receipt which should not come under the perview of Income Tax. Create the ledger LPG Subsidy (to be created under Capital in Tally). On receipt of LPG Subsidy, the following entry is to be passed :
Bank A/c Dr
To LPG Subsidy A/c.
Thus the amount gets adjusted with Capital Balance.
Accounts Colour Prints
(4 Points)
Replied 11 April 2022
Dear Sir,
We have Received the LPG SUBSIDY Saving Bank Acct
Which head in tally
Accounts Colour Prints
(4 Points)
Replied 11 April 2022
Dear Sir,
We have Received the LPG SUBSIDY Saving Bank Acct
Which head in tally
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