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Provision in the Finance Bill 2015 will not Affect the LPG Subsidy and Other Welfare Subsidies Received by Individuals

Dated:- 6-5-2015 - Certain doubts have been raised in a section of the media about the applicability of the official amendment moved in the Finance Bill, 2015 in the Lok Sabha on 30th April, 2015 with respect to definition of income . Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. The Central Board of Direct Taxes ( CBDT ) notified ICDS on 31.3.2015 vide Notif .....

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