LPG subsidy

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28 Points Posted on 26 September 2020
what is the treatment of LPG subsidy received from government?
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On 26 September 2020 at 17:19 Report
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LPG subsidies received by individuals from the government are exempt from income tax. The Ministry of Finance has clarified that these subsidies are considered a refund of amounts overpaid to gas companies. Therefore, they do not need to be declared as income and are not subject to taxation.

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T
405 Points Posted on 26 September 2020
Reduce from the total cost of assets then claim depreciation as per section 32 of it act under pgbp
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On 26 September 2020 at 21:10
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Tax and Business Consultant
11616 Points Posted on 27 September 2020
LPG subsidy received by individuals in their bank accounts is exempt from income tax.
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On 27 September 2020 at 01:43
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28 Points Posted on 27 September 2020
Under which section is subsidy exempted?
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On 27 September 2020 at 10:13
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Tax and Business Consultant
11616 Points Posted on 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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On 27 September 2020 at 14:24

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