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LPG subsidy won’t be taxed
Highlights
The Union Finance Ministry on Tuesday clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax. The clarification follows doubts being raised by tax experts over an amendment to the Finance Bill, 2015, that expanded the definition of taxable income to include subsidies, grants, cash incentive and duty drawback.
New Delhi: The Union Finance Ministry on Tuesday clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax. The clarification follows doubts being raised by tax experts over an amendment to the Finance Bill, 2015, that expanded the definition of taxable income to include subsidies, grants, cash incentive and duty drawback. "The provision in the Finance Bill, 2015, will not affect the LPG subsidy and other welfare subsidies received by individuals," the ministry said in a statement.
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