Gas subsidy
This query is : Resolved
ABDUL KHALIQ
(Querist)
07 January 2014
Kindly clarify weather the gas subsidy recieved in bank account is to be accounted as income in IT return or is exempted.
CA.Sourabh Sethia
(Expert)
07 January 2014
Any subsidy of revenue nature is taxable under income tax.
if it is on account of capital receipt it will not be taxable will be reduced from the cost of fixed asset or corresponding asset to which the subsidy relates
if it is on account of capital receipt it will not be taxable will be reduced from the cost of fixed asset or corresponding asset to which the subsidy relates
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