Allowances
This query is : Resolved
22 January 2010
Hi..
I ve a doubt relating to allowances under the head salaries....
Whether fixed medical allowance can be given...
If i give a fixed medical allowance of Rs 2000 pm and at d end of d yearr employee gave bills for Rs. 16000 then wat is the taxable amt under d head salaries....
Can it be taken as medical reimbursement and can i say 9000 is taxable(24000-15000).
Is it an allowed practice to claim exemption...
can u suggest any other way to increase the take home for the employee with d minimum tax
I ve a doubt relating to allowances under the head salaries....
Whether fixed medical allowance can be given...
If i give a fixed medical allowance of Rs 2000 pm and at d end of d yearr employee gave bills for Rs. 16000 then wat is the taxable amt under d head salaries....
Can it be taken as medical reimbursement and can i say 9000 is taxable(24000-15000).
Is it an allowed practice to claim exemption...
can u suggest any other way to increase the take home for the employee with d minimum tax
CMA Ramesh Krishnan
(Expert)
22 January 2010
Fixed medical allowance -fully taxable, there is no exemption
Medical reimbursement -Rs.15000 per annum exempted
Medical reimbursement -Rs.15000 per annum exempted
CA Ravi Sisodia
(Expert)
22 January 2010
Agree
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