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.
CAclubindia
