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EX GRATIA PAYMENT RECEIVED FROM BANKS, Income Tax

Issue Id: - 117473
Dated: 4-9-2021
By:- SSOE SSOE
EX GRATIA PAYMENT RECEIVED FROM BANKS

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Dear Sir/Madam

As per the scheme announced by the GOI,Ministry of Finance vide F.No.2/12/2020-BOA.I dated 23/10/2020 we have received ex-gratia payment from banks against loans which is adjusted by bank towards our principal outstanding.

Is this government benefit received through banks is taxable in our hands?

If yes kindly provide reference of section,notification or circular.

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