Fixed medical allowance is fully taxable even if it involves some expenditure for the medical treatment of an employee. Central government pensioners residing in areas not under CGHS have been granted a fixed medical allowance of Rs. 500. Fixed medical allowance is chargeable to tax. Is medical allowance mandatory? ThisRead More →
Medical allowance is a fixed component that you receive every month as part of your monthly salary, that is taxable as salary income. Whereas Medical reimbursement is a tax-free component and as discussed above, it is exempted up to the amount spent by employee or Rs. 15,000 whichever is less.Read More →
One can claim reimbursement of medical expenses by submitting the original bills to the employer. The employer would accordingly reimburse such expenses incurred subject to the overall limit of Rs 15,000 without tax deduction. How do you show exempt medical reimbursement in ITR? Firstly, submit the original medical bills toRead More →
Medical reimbursement comes under Section 80D, wherein the maximum limit prescribed is Rs. 15,000 p.a. If bills regarding medical reimbursement are not submitted on time by an employee, 30% of Rs. 15,000 will then become the taxable amount. However, while filing tax returns, employees can reclaim 30% of the amount.Read More →
Medical allowance is a fixed component that you receive every month as part of your monthly salary, that is taxable as salary income. No bills are required to be submitted for taking this allowance. What is the fixed medical allowance for pensioners? 2010 regarding grant of Fixed Medical Allowance @Read More →
FAQs on Medical Allowance Medical reimbursement can be claimed up to a maximum of Rs. 15,000 per year. The maximum amount that can be claimed as deduction for medical allowance is Rs. 15,000 per year. What does medical allowance mean? Employers can use HRAs to create a flexible health benefitRead More →
Medical allowance is a fixed component that you receive every month as part of your monthly salary, that is taxable as salary income. Whereas Medical reimbursement is a tax-free component and as discussed above, it is exempted up to the amount spent by employee or Rs. 15,000 whichever is less.Read More →
Medical reimbursement comes under Section 80D, wherein the maximum limit prescribed is Rs. 15,000 p.a. If bills regarding medical reimbursement are not submitted on time by an employee, 30% of Rs. 15,000 will then become the taxable amount. However, while filing tax returns, employees can reclaim 30% of the amount.Read More →
The maximum amount that can be claimed as deduction for medical allowance is Rs. 15,000 per year. Therefore, in case you have incurred medical costs of, say, Rs. 38,000 over the course of a financial year, you will have to produce your medical bills and you will get a taxRead More →
Medical Reimbursement is an arrangement under which employers reimburse the portion of the health expenses incurred by the employee. The Income Tax Act allows tax exemption of up to INR 15,000 on medical reimbursements paid by the employer. How do I claim medical allowance in ITR? Medical reimbursement comes underRead More →