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LPG subsidy

v k (28 Points)

26 September 2020

what is the treatment of LPG subsidy received from government?

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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.

v k (28 Points)
Replied 27 September 2020

Under which section is subsidy exempted?

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.

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