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.
Clarification sought on tax implications of ex-gratia payments under government scheme; references to relevant sections requested. An individual inquired about the tax implications of an ex-gratia payment received from banks, as per a government scheme announced by the Ministry of Finance. The payment was used by the bank to adjust the individual's outstanding loan principal. The individual seeks clarification on whether this government benefit is taxable and requests references to relevant sections, notifications, or circulars if it is subject to taxation. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
