Hi,
Can an employee claim the medical exemption (U/S 10) of Rs. 15,000 while submitting the ITR, even though it's not one of the components in the salary structure but has incurred expenses of Rs. 25,000? We have only four components: Basic, HRA, Conveyance, and Special Allowance. Let's say I get: Monthly Basic: 10,000; HRA: 5,000; Conveyance: 800; and Special Allowance: 13,000. Total: Rs. 28,800.
Now, can I, while filing ITR, reduce the Special Allowance by Rs. 1,250 (for Medical)? So my taxable will be: 10,000 + 11,750 = Rs. 21,750 * 12. Can I do this to save tax?
Regards,
Manish Garg
9811275430
From India, New Delhi
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9Can an employee claim the medical exemption (U/S 10) of Rs. 15,000 while submitting the ITR, even though it's not one of the components in the salary structure but has incurred expenses of Rs. 25,000? We have only four components: Basic, HRA, Conveyance, and Special Allowance. Let's say I get: Monthly Basic: 10,000; HRA: 5,000; Conveyance: 800; and Special Allowance: 13,000. Total: Rs. 28,800.
Now, can I, while filing ITR, reduce the Special Allowance by Rs. 1,250 (for Medical)? So my taxable will be: 10,000 + 11,750 = Rs. 21,750 * 12. Can I do this to save tax?
Regards,
Manish Garg
9811275430
From India, New Delhi
Acknowledge(0)Amend(0)
Please refer to the link for a better understanding:
Salary Tax in India
From India, Lucknow
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Salary Tax in India
From India, Lucknow
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SALARY CALCULATOR & INCOME TAX.zip
EMPLOYEE SALARY INCOME TAX CALCULATION.xls x