IT laws for exemption of Rs. 15000/- medical
This query is : Resolved
16 December 2008
As per it law i am eligible for 15000/- pm medical. For which my company accounts persons are asking bills on every month basis for Rs. 1240/- Is it correct or as per It law i can give bills for Rs. 15000/- during any time of the year. Kindly reply thanks? delvi
CA Parvin Ahuja
(Expert)
16 December 2008
As per provisions of The Income Tax Act,1961 reimbursement by employer of actual expenditure incurred by an employee not exceeding in aggregate of Rs.15,000/- in the previous yera os exempt under section 17(2). Hence the bills can be submitted at any time during the year and not necessarily every month. Moreover submitting bills of Rs 1,240/- evry month raises suspicion about the geniunness of the expenditure.
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