Medical allowance
This query is : Resolved
ankit jain
(Querist)
27 March 2012
Hello
My query is that if any company is paying medical allowance on monthly basis but collecting the bills against the same at the end of year, then whether it should be included in monthly taxable income or not.
My query is that if any company is paying medical allowance on monthly basis but collecting the bills against the same at the end of year, then whether it should be included in monthly taxable income or not.
Yogesh Agarwal
(Expert)
27 March 2012
It is required to be included provided you have ensured that at the end of the year you have taken the bills.
Arvind Tiwari
(Expert)
28 March 2012
Dear Ankit,
Medical Allowance is taxable like any other allowance whereas Medical Reimbursement is not taxable to the extent of Rs 15,000/- under Income Tax Act. So instead of Medical Allowance demand for Medical Reimbursement in your pay –slip.
Even Finance bill-2012 has introduced the Exemption on Preventive health check-up to the extent of Rs 5000/- so that you can take the benefit of same by submitting relevant bill copy in FY 2012-13.
Medical Allowance is taxable like any other allowance whereas Medical Reimbursement is not taxable to the extent of Rs 15,000/- under Income Tax Act. So instead of Medical Allowance demand for Medical Reimbursement in your pay –slip.
Even Finance bill-2012 has introduced the Exemption on Preventive health check-up to the extent of Rs 5000/- so that you can take the benefit of same by submitting relevant bill copy in FY 2012-13.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
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
