MSME Certified Income Tax Live Batch to commence from 25th January 2022. Limited Seats. Register Now!!


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Definition of income

21 May 2016 As per the new Definition of Income clause inserted w.e.f. 1.4.16
2 (24) (xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43;

So whether LPG subsidy received from Gov. directly to the bank account is taxable?

21 May 2016 LPG subsidy and other welfare subsidies received by individuals is tax free. However, for other than individuals, taxable vide the cited definition read along with ICDS,

25 May 2016 sir,

But same is not mentioned anywhere?

09 June 2016 But same is not specified...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries