Definition of income
This query is : Open
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?
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?
But same is not mentioned anywhere?
09 June 2016
But same is not specified...
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