Medical Allowance
This query is : Resolved
29 March 2010
Hi..
I would like to know in our company the salary package is breaked up in 4 parts
Basic
H.R.A.
Conveyance Allowance
Education Allowance
To save tax if i exchange any of above 2 allowance with 'Medical Allowance'Will be considered for tax benefit ? If yes how and what would be the supporting documents required to claim the same
e.g. Rs.5000/- is Medical Allowance (p.m.)
Annual cost would be Rs.60000/- Is it medical treatments, doctors fees, medicine cost can be claimed under this head by taking supporting documents
Please revert asap
Thanks,
Prashant
I would like to know in our company the salary package is breaked up in 4 parts
Basic
H.R.A.
Conveyance Allowance
Education Allowance
To save tax if i exchange any of above 2 allowance with 'Medical Allowance'Will be considered for tax benefit ? If yes how and what would be the supporting documents required to claim the same
e.g. Rs.5000/- is Medical Allowance (p.m.)
Annual cost would be Rs.60000/- Is it medical treatments, doctors fees, medicine cost can be claimed under this head by taking supporting documents
Please revert asap
Thanks,
Prashant
29 March 2010
For Income tax purpose, Medical Reimbursement upto Rs. 15,000/- can be claimed by submission of actual bills. The employer will have to consider this amount while determining the amount of TDS on salary.
Any amount in excess of Rs. 15,000/- will be fully taxable even though it is reimbursed by the employer on the basis of actual bills.
Any amount in excess of Rs. 15,000/- will be fully taxable even though it is reimbursed by the employer on the basis of actual bills.
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