Submit Income Tax Return Copy to Get LPG Subsidy
Submit ITR to avail LPG subsidy scheme: In order to claim subsidy on LPG cylinder, the government is introducing new guidelines and soon you will be asked to submit a copy of your income tax return to the LPG dealer.
The central government had last year declared voluntary Give It Up scheme under which LPG cylinder consumers who have annual income above Rs. 10 lakh were asked to give up the subsidy on self-declaration basis and buy cylinders at market price.
But the voluntary disclosure scheme didn’t yield result as expected. Only 70 lakh consumers did declare voluntarily, most of them belonged to state-run OMC and many others among them had shifted to natural gas pipelines for their use so they were not in need of it.
Actually, the subsidy on LPG cylinder is given so that more and more people can use it and new connections can be given to needy. Subsidy utilized by those who actually don’t need it defeats the very purpose of it.
So, it becomes necessary to collect taxable income information of the LPG consumers to exclude higher income group people from the purview of the subsidy.
The ITR is to be presented every year. According to the IT act, income tax department is forbidden to share income details of assesses unless specified by Central Government. The government has written to CBDT include Petroleum Ministry in the system so that income tax information can be shared.
Inclusion and Exclusion of LGG cylinder Consumers from the Subsidy
LPG cylinder consumer, who otherwise receiving the subsidy, will get ineligible to claim it when his family income gets more than Rs 10 lakh. As ITR is to be collected every year, if the income falls below Rs 10 lakh in the subsequent year, then he will also avail the subsidy for that year.
The decision to collect the ITR every year is aimed to help those who don’t have fixed annual income. And they can be included or excluded from the subsidy based on the income.
To collect statement of Income Tax return in order to get LPG subsidy is a move to help those who really need it.
More Related Queries:
- treatment of gas subsidy received in income tax
- declare income for LPG subsidy
- LPG subsidy latest news
- how much is the LPG subsidy amount
- submit ITR to avail LPG subsidy scheme