Form 12bb - showing exempted perquisite
This query is : Resolved
27 May 2013
There is a medical reimbursement of Rs.15000 to an employee which is exempt u/s 17(2). How to show this amount and deduction from salary income in form 16 and form 12bb.
Can the income be shown net of this amount?
Can the income be shown net of this amount?
27 May 2013
In form 12BA only taxable perquisite value will be disclosed, not exempted perquisite, it will show only the perquisite valued as per perquisite valuation rules,
As per perquisite valuation rule, medical expenses reimbursement is exempted up to Rs.15000 per annum. so incase if you provide reimbursement more than Rs.15000. then excess of Rs.15000 will be shown as taxable perquisite otherwise no need to show
As per perquisite valuation rule, medical expenses reimbursement is exempted up to Rs.15000 per annum. so incase if you provide reimbursement more than Rs.15000. then excess of Rs.15000 will be shown as taxable perquisite otherwise no need to show
28 May 2013
Thanks a lot.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Gift of mutual fund units to daughter
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- Reporting of STCG on Property in ITR
- Foreign inward in ITR
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
