| Originally posted by : Vishal Goel | ||
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Yes . it is specifically excluded from definition of subsidy defined under Finance Act,2015. |
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What does that act say?
Subsidy is not income, so no tax on subsidies, so need to add that to total income?
| Originally posted by : Julie | ||
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LPG subsidy is not taxable as per the circular issued. | |
Thank you for the information Julie.
i agree with vishal, subsidy is not taxable
| Originally posted by : Dinesh Mertiya | ||
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i agree with vishal, subsidy is not taxable |
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So subsidy does not need to be added, ok.
Yes, should be included in total income.
Its your money that you are getting back, its not something that you dint own and you get it. Si say if x amount was lying in yur account which was already taxed, then you give it to govt, after sometime they give it back to you and you again pay tax on it????? How come. All types of subsidies given by govt cannot be put in one bag.
Thank you for the information Rahul, Rashaad, Kaardaata.
| Originally posted by : Bilal Station Wala | ||
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As per the latest ammendment to Sec 2(24) all subsidies were made taxable be it capital or revenue bt with subsequent circular subsidies which are in the form of welfare subsidy and recd in personal capacity by an individual they won't be treated as income and hence no tax is to be payable on Gas Cylinder Subsidy | |
Thank you for the information Bilal, it is clear now. Gas subsidy is not taxable.
Gas subsidy recd from govt is not your income. This is an amount paid back to u from your own money paid. Even a circular was issued by the govt on dis issue. u may google it.
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