Lpg subsidy taxable?
Mitesh Siddhpura (Proprietor) (26 Points)
26 May 2016
Please let me know LPG Subsidy income is Taxable or not? if its exempted so in which Section i can claim
9 Replies
CA Jitender Yadav
(Sr. Finance Executive)
(261 Points)
Replied 26 May 2016
LPG subsidy is not taxable it is not an income
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 27 May 2016
Hello, It is not taxable.
We don’t claim gas cylinder bill as business expenses. So subsidy received for that is not taxable. It is personal expenses. For business activity commercial gas cylinder is available on which subsidy is not available. Question of taxation doesn't arise.
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 27 May 2016
Hello, It is not taxable.
We don’t claim gas cylinder bill as business expenses. So subsidy received for that is not taxable. It is personal expenses. For business activity commercial gas cylinder is available on which subsidy is not available. Question of taxation doesn't arise.
sayali
(article)
(54 Points)
Replied 27 May 2016
LPG subsidy is not taxable because it is specifically excluded from definition of subsidy defined under Finance Act,2015.
Nitin
(Student)
(53 Points)
Replied 27 May 2016
subsidy received on lpg connection is a capital receipt, it should be added in capital a/c.
sayali
(article)
(54 Points)
Replied 29 May 2016
@ Nitin.LPG Subsidy is not Capital receipt. Subsidy is included in definition of Income u/s 2(28) of Income tax Act. ( Finance Act 2015).
However, LPG subsidy is specifically excluded from definition of subsidy, hence not taxable.
CA Manish Jangid
(JOB)
(22 Points)
Replied 22 November 2017
In case of individual assessee ,whether we shoul directly credited in capital account (LPG Gas Subsidy
Recent Topics
- Exchange gain loss
- Https://blissharmonygummies.wixsite.com/cbdgummies
- Donation to Prime Minister Relief Fund
- Depreciation rate software
- NEW GST REGISTRATION - CO WORKING AND VIRTUAL P
- Query regarding place of business in GST registrat
- GST on Plot Sale
- TDS return submitted, but neither rejected nor acc
- Trade payables
- NSDL DEMAT- Annual Custody Fees
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
