Medical Allowance - medical billls submitted
This query is : Resolved
13 March 2008
Our company given medical allwance to employees
employees tax calculation avail that benefit employee are submit medical bills compulsory or not?
In which section in IT said medical bills compulsory ? please sir
employees tax calculation avail that benefit employee are submit medical bills compulsory or not?
In which section in IT said medical bills compulsory ? please sir
13 March 2008
Yes in order to claim the benefit, it has to be shown as an expenditure.
Onlly when expenses have been incurred it will be treated as an allowable expense, else not.
Kindly sumbit if you intend to seek tax exemptions else entire amount will be clubbed to the income on hand and will be subject to income tax
Onlly when expenses have been incurred it will be treated as an allowable expense, else not.
Kindly sumbit if you intend to seek tax exemptions else entire amount will be clubbed to the income on hand and will be subject to income tax
CA. GOPAL SONIKA
(Expert)
13 March 2008
If an employee receives some money for his medical treatment or the treatment of any member of his family or any of his dependant relatives then a sum up to Rs. 15,000 p.a. is not treated as a taxable perquisite as per Clause (b) of the provision to Section 17 (2) of the I.T. Act. This exemption is enjoyed by the employee only if the expenditure is actually incurred on his medical treatment or for treatment of any member of the family or a dependant relative. It may be noted here that there is no condition that the medical treatment should be at any of the approved hospitals. It could be at any place and from any type of doctor belonging to Allopathic, Ayurvedic, Unani or Naturopathy system of medicine.
13 March 2008
Should medical bills should be pertaining to financial year only or may be previous years bills can be claimed ?
CA. GOPAL SONIKA
(Expert)
13 March 2008
Only for financial year.
13 March 2008
SEC 17 (2 ) ALLOWS MEDICAL EXP. REIMBURSED AGAINST BILLS AS EXEMPT INCOME AND TAX FREE UPTO RS 15000 P.A .
BUT BILLS SHOULD RELATE TO THE FIN. YEAR FOR WHICH THE EXEMPTION IS CLAIMED.
R.V.RAO
BUT BILLS SHOULD RELATE TO THE FIN. YEAR FOR WHICH THE EXEMPTION IS CLAIMED.
R.V.RAO
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