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
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.
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