Dear All,
Greetings!
As per new financial year the new rule book has eliminated both Medical Reimbursement and Transport Allowance. Now there is a flat deduction of 40,000 without any bills for all salaried employees.
Kindly have a look at the below link.
https://economictimes.indiatimes.com...w/63416163.cms
Does anyone have any idea, please explain me the new rules.
Thanks in Advance
Shalini
From India, Hyderabad
Greetings!
As per new financial year the new rule book has eliminated both Medical Reimbursement and Transport Allowance. Now there is a flat deduction of 40,000 without any bills for all salaried employees.
Kindly have a look at the below link.
https://economictimes.indiatimes.com...w/63416163.cms
Does anyone have any idea, please explain me the new rules.
Thanks in Advance
Shalini
From India, Hyderabad
Hello there, Yes the rule has been implemented but bills has to submitt, even though it is tax exempted
From India, Hyderabad
31From India, Hyderabad
Dear Shalini,
Earlier medical reimbursement of upto INR 15,000 per year and transportation allowance of upto INR 19200 was exempted from income tax upon submission of bills of medical reimbursement alone. From this FY, the aforesaid provisions have been removed and rather a standard deduction of INR 40,000 has been introduced. This means that a flat Rs. 40,000 will be reduced from one's taxable income and no rebate will be given on medical reimbursement and transportation allowance.
Regards
Rahul
From India, Delhi
Earlier medical reimbursement of upto INR 15,000 per year and transportation allowance of upto INR 19200 was exempted from income tax upon submission of bills of medical reimbursement alone. From this FY, the aforesaid provisions have been removed and rather a standard deduction of INR 40,000 has been introduced. This means that a flat Rs. 40,000 will be reduced from one's taxable income and no rebate will be given on medical reimbursement and transportation allowance.
Regards
Rahul
From India, Delhi
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