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Gas subsidy

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(Querist)
07 January 2014 Kindly clarify weather the gas subsidy recieved in bank account is to be accounted as income in IT return or is exempted.
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CA.Sourabh Sethia

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CA.Sourabh Sethia (Expert)
07 January 2014 Any subsidy of revenue nature is taxable under income tax.

if it is on account of capital receipt it will not be taxable will be reduced from the cost of fixed asset or corresponding asset to which the subsidy relates

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