FBT on medical allowance
This query is : Resolved
04 March 2009
The company is paying medical allowance and calculates FBT on Rs. 15,000 which is exempt in the hands of the employee but for those employees whose income is not liable under income tax act the company does not calculate FBT on the medical allowance paid to such employee. Is it correct?
Also, the medical allowance paid to such employee is dr to salary in the account but shown as medical allowance in the salary sheet, will it make any difference?
Also, the medical allowance paid to such employee is dr to salary in the account but shown as medical allowance in the salary sheet, will it make any difference?
04 March 2009
Medical allowance given to emplyees is fully taxable in their hands.
04 March 2009
However, reimbursement of medical expenditure up to Rs. 15,000.00 is exempt in hands of employees.
On the same side, medical expenditure reimbursement up to Rs. 15,000.00 come under FBT.
There is no difference that employees salary is taxable or not for the calculatiopn on FBT. FBT is applicable on all the reinmursement of medical expenditure up to Rs. 15000.
On the same side, medical expenditure reimbursement up to Rs. 15,000.00 come under FBT.
There is no difference that employees salary is taxable or not for the calculatiopn on FBT. FBT is applicable on all the reinmursement of medical expenditure up to Rs. 15000.
04 March 2009
If this is shown as medical allowance in the salary sheet then it will be fully taxable in the hands of employees.
And this is shown as reimbursement then it is exempt up to Rs. 15000.
And this is shown as reimbursement then it is exempt up to Rs. 15000.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
