Will Not get LPG Subsidy if you earn more then rs 10 Lakhs
As these days, government of India is trying to improving the living standards of poor families. On account of that, the central government requests the families to leave their LPG subsidy if they can afford the LPG gas by itself.
But now income department also get stick towards the LPG subsidy. And income department put some constrain on LPG subsidy taken by the person who has income more than 10 lakh. What are threes terms which income tax department is going to implement regarding LPG subsidy. They are as follow:
LPG subsidy: Income Tax department to share data of taxpayers who earn over Rs 10 lakh
Income tax department plans to shares valuable information to the ministry of petroleum and oil about the taxpayers who earn over Rs 10 lakh. The campaign aimed at high income individuals to be banned on getting the LPG subsidy.
Department collects near about all the information about a citizen of India, with such details tracking the financial status of the respective person’s family will be so easy. So that, the ministry of oil and petroleum seems help from the IT department in order to restrict rich people who are earning more than 10Lakh from getting benefited with LPG subsidy amount.
What will happen next with the information shared by IT department?
- The respective department will soon take care of the privacy and security of personal information with the Ministry of Understanding (MoU) has been signed.
- The move by the Central Board of Direct Taxes (CBDT) has received the green light because the government has already said that the annual income of over Rs 10 lakh LPG price subsidies should be provided to taxpayers.
- A senior official said the oil ministry will make sure that the personal information of person with income of more than the fixed amount will be deprived of the facility. Some people have voluntarily abandoned subsidies but too many people who are taking advantage of this feature even more income. The government wants to bring transparency in this direction.
- The tax data received from the IT department, the Oil Ministry will make sure that all those who have higher incomes will be disqualified from getting subsidised cooking gas cylinders.
- While some have previously given up the subsidy amount by willingly, yet there are lots of person who have not given it up. After this decision, the persons who had not done earlier are now needed to give it up.
Why government Take this decision?
There are so many families in India who are still not having a LPG connection to their households because of the financial problem. And on the other hand there are many who have LPG connection more than their requirement which is not fair. And these families are also taking benefit from the LPG subsidy amount even they can afford the price of the cylinder at normal rates. So there are big differences in condition of poor and rich families still prevails in the society. Government wants to remove this difference that is the reason that Income Tax department decide to share the salary information of employed personals and families to the ministry of petroleum and oil.
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