Taxability of LPG subsidy unclear; experts seek clarification
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear with tax experts divided on the issue and want an explicit clarification from the government. Finance Bill, 2015, as passed by the Lok Sabha last week, has expanded the definition of income, that is taxable under the Income Tax Act, 1961, by inserting a sub-clause on subsidies, grant, cash incentive and duty drawback.
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