Medical Reimbursement Taxable from F.Y 2018-19 onward.
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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
View answer
| PARTICULARS | AMOUNT RECEIVED | EXEMPT | TAXABLE |
| Basic Salary | 40000 | 0 | 40000 |
| Medical Reimbursement | 1250 | 0 | 1250 |
| Total | 41250 | 0 | 41250 |
For F.Y 2017-18 If Medical Bills Submitted, then
From April-Feb -Fully Exempt
In March-15000 less Total Bills Submitted dring year will be taxable
Medical Reimbursement Taxable from F.Y 2018-19 onward.
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
View answer
For F.Y 2017-18
| 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 |
From F.Y 2018-19
| Month | Bill Submitted of | AMOUNT RECEIVED | EXEMPT | TAXABLE |
| April | 0 | 1250 | 1250 | |
| May | 2000 | 1250 | 1250 | |
| June | 0 | 1250 | 1250 | |
| July | 0 | 1250 | 1250 | |
| Aug | 3000 | 1250 | 1250 | |
| Sept | 1000 | 1250 | 1250 | |
| Oct | 0 | 1250 | 1250 | |
| Nov | 0 | 1250 | 1250 | |
| Dec | 0 | 1250 | 1250 | |
| January | 4000 | 1250 | 1250 | |
| February | 0 | 1250 | 1250 | |
| March | 1000 | 1250 | 1250 | |
| Total | 11000 | 15000 | 0 | 15000 |