Is gas subsidy considered as income.

Page no : 2

gunturboy26 (Self Employed) (217 Points)
Replied 19 July 2016

Originally posted by : Vishal Goel
Yes .  it is specifically excluded from definition of subsidy defined under Finance Act,2015.

 

 

What does that act say?

Subsidy is not income, so no tax on subsidies, so need to add that to total income?


Julie (IPCC Student) (58 Points)
Replied 19 July 2016

LPG subsidy is not taxable as per the circular issued.
1 Like

gunturboy26 (Self Employed) (217 Points)
Replied 19 July 2016

Originally posted by : Julie
LPG subsidy is not taxable as per the circular issued.

 

Thank you for the information Julie.


Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 19 July 2016

 i agree with vishal, subsidy is not taxable

 


gunturboy26 (Self Employed) (217 Points)
Replied 19 July 2016

Originally posted by : Dinesh Mertiya
 i agree with vishal, subsidy is not taxable

 

 

So subsidy does not need to be added, ok.



rahul kumar (xyz) (26 Points)
Replied 20 July 2016

Yes, should be included  in total income.

1 Like

CA Rashaad Meer (...) (129 Points)
Replied 21 July 2016

Not income if given to individual in his personal capacity and not
1 Like

Bilal Station Wala (12 Points)
Replied 24 July 2016

As per the latest ammendment to Sec 2(24) all subsidies were made taxable be it capital or revenue bt with subsequent circular subsidies which are in the form of welfare subsidy and recd in personal capacity by an individual they won't be treated as income and hence no tax is to be payable on Gas Cylinder Subsidy
2 Like

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 24 July 2016

Its your money that you are getting back, its not something that you dint own and you get it. Si say if x amount was lying in yur account which was already taxed, then you give it to govt, after sometime they give it back to you and you again pay tax on it????? How come. All types of subsidies given by govt cannot be put in one bag.

1 Like

CA Rashaad Meer (...) (129 Points)
Replied 24 July 2016

Not an income


gunturboy26 (Self Employed) (217 Points)
Replied 25 July 2016

Thank you for the information Rahul, Rashaad, Kaardaata.


gunturboy26 (Self Employed) (217 Points)
Replied 25 July 2016

Originally posted by : Bilal Station Wala
As per the latest ammendment to Sec 2(24) all subsidies were made taxable be it capital or revenue bt with subsequent circular subsidies which are in the form of welfare subsidy and recd in personal capacity by an individual they won't be treated as income and hence no tax is to be payable on Gas Cylinder Subsidy

 

Thank you for the information Bilal, it is clear now. Gas subsidy is not taxable.

1 Like

Praveen Kumar Agarwal (Accountant) (180 Points)
Replied 26 July 2016

Gas subsidy recd from govt is not your income. This is an amount paid back to u from your own money paid. Even a circular was issued by the govt on dis issue. u may google it.



Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Join CCI Pro


Subscribe to the latest topics :

Search Forum: