Medical bill taxation
This query is : Resolved
12 January 2012
Hi,
I am aware that the limit for medical bills for tax exemptions is 15 K.
What if I submit bills of 10 K only,
How will i get charged for remaining 5k..
will it be as per slab m falling into adding 5K to my rest of the income...
or is there any fix % ( 6%-7%) for medical reimbursement if bills not produced.
[ not very sure of this number, heard this somewhere hence want to clarify the same.]
Thanks
I am aware that the limit for medical bills for tax exemptions is 15 K.
What if I submit bills of 10 K only,
How will i get charged for remaining 5k..
will it be as per slab m falling into adding 5K to my rest of the income...
or is there any fix % ( 6%-7%) for medical reimbursement if bills not produced.
[ not very sure of this number, heard this somewhere hence want to clarify the same.]
Thanks
Anand Eriwal
(Expert)
12 January 2012
If you submit bill for only 10K balance 5K would be credited to your bank account by your employer in the month of March after deducting tax on 5K. 5K would be added to your other salary income and then whatever would be total income would be computed as per slab rate applicable to you as an individual for relevant assessment year, please note that total income here means your other salary income + 5K medical for which you have not submitted bills (excluding the 10K medical for which you have submitted the bill)
No tax would be deducted on 10K and entire amount would be given to you by employer immediately on submission of the original medical bills.
No tax would be deducted on 10K and entire amount would be given to you by employer immediately on submission of the original medical bills.
18 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
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
- Gst credit note by supplier
- Reward for festival
- 18% Rent a cab
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- ARCA LOGIN
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Closer of business and itc of capital goods
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
