LPG Subsidy are being credited directly to bank account now. I am not sure how to handle this. Is it a Taxable Income? Thanks in advance for your help.
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Lpg subsisdy
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Hello,
It ll not be a taxable income.
If it is not a taxable income then under which section we can ask for deduction/rebate.
We don’t claim gas cylinder bill as business expenses. So subsidy received for that is not taxable. It is personal expenses. For business activity commercial gas cylinder is available on which subsidy is not available. Question of taxation doesn't arise.
I am a proprietor and all my bank accounts are reported. As I am receiving the LPG Subsidy in one of account so how I do the voucher entry for the same in Tally?
Bank a/c dr.
To subsidy received
Subsidy received a/c dr.
To Proprietor's capital
Bank a/c dr.
To subsidy received
Subsidy received a/c dr.
To Proprietor's capital
You can directly transfer it to capital account and reduce the personal expense on gas cylinder.
Add the subsidy to capital account. and show also as drawing for payment of gas cylendar.
Your welcome Mr.Tripathy
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