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Lpg subsidy for income above 10l - is it taxable?
Hi,
I have income above 10 lakhs however I have not given up my LPG cylinder subsidy yet. I have also received 1321 Rs. amount as LPG subsidy for the last year. Should I declare this as income in ITR as other sources and pay tax on it? I think I have already paid tax on the income from which I have purchased LPG cylinder. Please clarify. Thanks in advance.
Replies (4)
Its not taxable, its your money refunded to you
Not taxable.
Moreover I don't see the logic in making LPG subsidy taxable. Because they are not giving any deduction for the household expenses. Subsidy cannot be considered as an income. It is just a reimbursement or reduction in expenses.
Thank you all
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