Dear Seniors, Our company has incorporated the component of medical reimbursement in the compensation package. The max limit is 15000/- on per annum basis. i wanted to know whether it is possible to carry forward this amount to the next financial year and if yes then can an individual produce bills of last fin year to claim the benefit? Is it legal as per the income tax laws?
plz help
manmeet
From United States
plz help
manmeet
From United States
Dear Manmeet,
Whether you can carry the amount forward or not depends on the Company, but as per Income Tax, every year you are entitled to Tax Benefit of Rs. 15,000/- on Medical Expenses and this amount is fixed with no provision for carry forward.
Regards,
SC
From India, Thane
45Whether you can carry the amount forward or not depends on the Company, but as per Income Tax, every year you are entitled to Tax Benefit of Rs. 15,000/- on Medical Expenses and this amount is fixed with no provision for carry forward.
Regards,
SC
From India, Thane
Hi Manmeet,
The amount cannot and should not be carry forwarded to the next financial year. If the employee does not avail the reimbersment then the entire amount should be handed over to him after deducting the tax.
By any chance this cannot be carry forwarded, it has to be given as an unclaimed amount within that financial year.
~Roopa
From India, Bangalore
The amount cannot and should not be carry forwarded to the next financial year. If the employee does not avail the reimbersment then the entire amount should be handed over to him after deducting the tax.
By any chance this cannot be carry forwarded, it has to be given as an unclaimed amount within that financial year.
~Roopa
From India, Bangalore
No you can not. If the company is carry over the revenue buget.
the medical is the operating expenses of the company. It is calculated on fiscal year basis.
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ZAFAR
0333-2346067
PAKISTAN
:evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil:
From Pakistan, Karachi
the medical is the operating expenses of the company. It is calculated on fiscal year basis.
:evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil:
ZAFAR
0333-2346067
PAKISTAN
:evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil: :evil:
From Pakistan, Karachi
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Medical Reimbursement Format.doc
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