Medial Re-imbursement over Rs. 15,000
This query is : Resolved
14 March 2008
Hello All members of CAClubIndia,
The question is on taxability of medical re-imbursement claims in the hands of Employee.
If employee claims the medical re-imbursement over and above of Rs. 15,000, say 16,000 in a particular financial year ,what will be the correct amount liable to Income Tax for Employee ?
Is it the whole amount claimed i.e. Rs. 16,000 or only the excess amount of Rs. 1000 ?
Beacuse I read different views. One is saying only Rs. 1000 and other saying whole Rs. 16,000 will get taxable in the hands of employee.
I have deducted the TDS for one of our employee by taxing the whole claim of Rs. 16,000. If it is wrong how shall I rectify it before the close of this F.Y. ?
Please Advise.......
Thanks and Best Regards,
Amit
The question is on taxability of medical re-imbursement claims in the hands of Employee.
If employee claims the medical re-imbursement over and above of Rs. 15,000, say 16,000 in a particular financial year ,what will be the correct amount liable to Income Tax for Employee ?
Is it the whole amount claimed i.e. Rs. 16,000 or only the excess amount of Rs. 1000 ?
Beacuse I read different views. One is saying only Rs. 1000 and other saying whole Rs. 16,000 will get taxable in the hands of employee.
I have deducted the TDS for one of our employee by taxing the whole claim of Rs. 16,000. If it is wrong how shall I rectify it before the close of this F.Y. ?
Please Advise.......
Thanks and Best Regards,
Amit
14 March 2008
its wrong. He can claim the basic exemption of Rs 15000
15 March 2008
THE BASIC EXEMPTION LIMIT IS 15000/-,THEREFORE IN EXCESS OF 15000/- SHALL BE TAXABLE
15 March 2008
Dear Experts,
Thanks for your valuable comments.
Now how can I rectify this excess deduction of TDS ?
Is there any alternate way to pay back the excess deduction to employee ?
What about the first 15,000.. Is it liable to FBT ?
Thanks
Amit
In my opinion only alternate way available to employee is to claim for REFUND in his annual return.
Thanks for your valuable comments.
Now how can I rectify this excess deduction of TDS ?
Is there any alternate way to pay back the excess deduction to employee ?
What about the first 15,000.. Is it liable to FBT ?
Thanks
Amit
In my opinion only alternate way available to employee is to claim for REFUND in his annual return.
15 March 2008
YES FIRST 15000/- IS LIABLE TO FBT
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Rental income gst and it purpose
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
