About lpg subsidy
This query is : Resolved
19 February 2015
What will be the tax impact on the subsidy receiving direct into bank account for LPG.
CA R SEETHARAMAN
(Expert)
19 February 2015
The money that the government transfers directly to consumers' bank accounts as LPG subsidy may well be considered as an income and taxed.
Rupesh Jain
(Expert)
20 February 2015
there is no income or expenses.
due to your income already taxable in your hand then you make exp. and you get some amount return out of this exp.
income taxable only one time.
due to your income already taxable in your hand then you make exp. and you get some amount return out of this exp.
income taxable only one time.
CA R SEETHARAMAN
(Expert)
20 February 2015
It is a subsidy income credited to your bank account which is not exempted, hence taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Movement of goods by packers and movers - type of sale - Reg.
- Wrong CMPo8 file
- GST on reimbursement of expenses
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
