Dear All,
Greetings!
As per the new financial year, the new rulebook 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 the new rules to me.
Thanks in Advance,
Shalini
From India, Hyderabad
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Greetings!
As per the new financial year, the new rulebook 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 the new rules to me.
Thanks in Advance,
Shalini
From India, Hyderabad
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Hello there, Yes the rule has been implemented but bills has to submitt, even though it is tax exempted
From India, Hyderabad
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33From India, Hyderabad
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Dear Shalini,
Earlier, medical reimbursement of up to INR 15,000 per year and transportation allowance of up to INR 19,200 were exempted from income tax upon submission of bills for medical reimbursement alone. Starting from this financial year, the aforementioned provisions have been removed, and instead, a standard deduction of INR 40,000 has been introduced. This means that a flat Rs. 40,000 will be deducted 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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Earlier, medical reimbursement of up to INR 15,000 per year and transportation allowance of up to INR 19,200 were exempted from income tax upon submission of bills for medical reimbursement alone. Starting from this financial year, the aforementioned provisions have been removed, and instead, a standard deduction of INR 40,000 has been introduced. This means that a flat Rs. 40,000 will be deducted 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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