LPG subsidy
v k (28 Points)
26 September 2020
what is the treatment of LPG subsidy received from government?
4 Replies
Taha
(T)
(405 Points)
Replied 26 September 2020
Reduce from the total cost of assets then claim depreciation as per section 32 of it act under pgbp
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 27 September 2020
LPG subsidy received by individuals in their bank accounts is exempt from income tax.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 27 September 2020
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.
Recent Topics
- Credit counseling services
- Solve questions
- Tax clarification on rental income
- Long term capital loss on Indexation on sale of Re
- ITR 2 validation
- Interest under Section 234B & 234C charged desp
- Deduction for leave encashment 10AA
- Inadvertently filled and filed Form 10-IEA like la
- Delivery challan e-way bill
- LTCG Section (B1-B12) for RSU Sale after Jul/24
Related Threads
Trending Online Classes
-
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
CA Nipun Arora03 September 2025 -
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)
Industry Expert15 September 2025
CAclubindia
