17 August 2019
Hello dear Expert We got DIC and CLCSS subsidy that amount is taxable or exempt if not then that amount invest in any government bond scheme for deductions under income tax
24 August 2019
Grant and Subsidy received from Govt is not directly taxable. how ever Govt Grant several types if it is paid on revenue nature which is compensation some expenses or loss then you cannot claim those expenditures or loss under income tax
if the grant or subsidy is nature of capital such as purchase of fixed asset that subsidy or Grant value need to be reduced from the purchased asset value.so the depreciation on that asset can be claimed on the reduced value only.
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