Medical Reimbursement Upto 15000 pa is exempt

If bills not given then Taxable 

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Q1

     
Basic Salary 40000 pm
 Medical Reimbursement 1250 pm

'There is no policy to collect Bills

Calculate  Amount Received,Exempt and Taxable

-a-

PARTICULARS AMOUNT RECEIVED EXEMPT TAXABLE
Basic Salary 40000 0 40000
Medical Reimbursement 1250 0 1250
Total 41250 0 41250

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If Medical Bills Submitted, then

From April-Feb  -Fully Exempt

In March-15000 less Total Bills Submitted dring year will be taxable

Q2

   
Basic Salary 30000 pm
 Medical Allowance) 1250  pm
There is policy to collect Bills in Company  
Employee submits bill as follows  
Month Bill Submitted of
April 0
May 2000
June 0
July 0
Aug 3000
Sept 1000
Oct 0
Nov 0
Dec 0
January 4000
February 0
March 1000
  11000

Calculate  Amount Taxable each month for Medical Reimbursement

-a-

Month Bill Submitted of AMOUNT RECEIVED EXEMPT TAXABLE
April 0 1250   0
May 2000 1250   0
June 0 1250   0
July 0 1250   0
Aug 3000 1250   0
Sept 1000 1250   0
Oct 0 1250   0
Nov 0 1250   0
Dec 0 1250   0
January 4000 1250   0
February 0 1250   0
March 1000 1250   4000
Total 11000 15000 0 4000

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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