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LPG subsidy
what is the treatment of LPG subsidy received from government?
Replies (4)
Reduce from the total cost of assets then claim depreciation as per section 32 of it act under pgbp
LPG subsidy received by individuals in their bank accounts is exempt from income tax.
Under which section is subsidy exempted?
Ministry of Finance has already clarified that LPG subsidies received by individuals in their bank account, is exempt from income tax. As it just a refund of amount paid in excess to the gas company.
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