Medical allowance
This query is : Resolved
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.
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.
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- 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
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
