Assuming a scenario "If my expenditure is on 31st March, As u aware all employer process / ask employees to submit their bills on or before 20th March". In this case How can I claim my expenses??
17 February 2014
Hi...You can very much claim the same while filing your Return of Income. Just make sure to keep the Original bills in your file so that the same can be submitted to the AO to proove the claim at the time of Assessment, if any.
In fact, not only Medical Reimbursement but also any other claim, if not claimed via the employer can be claimed by the employee at the time of filing his/her Return of Income.
No where in the Income Tax Act, it says that the claim for expenditure/deduction can be claimed only through the employer.
Further, generally companies since they have to finish off with their work keep a deadline to submit the Investment Declaration Form by Jan or Feb of the Financial Year which does not means that the deductions/expenditures paid in March cannot be claimed. Many LIC policies due date fall in the month of March and the company may not accept it after the deadline, which you can very much claim while filing the ROI by yourself.
Just make sure to claim Medical Reimbursements, there should be a componant called Reimbursement of Medical Espenses/Medical Reimbursement in your Salary. Note that the componant Medical Allowance is not the same and no deductioin on "Medical Allowance" componant can be claimed for your Medical bills
17 February 2014
Further it is although advisable to claim the exemption/deduction via the employer, however even you do not submit any thing to the employer, you can very much claim the exemption/deduction for the entire year (not only for March or after the deadline provided by the employers) at the time of filing your Return of Income.
You can also calculate HRA, LTA or any other exemption/deductions by yourself if not claimed via the Employer
Income exempted as reimbursement does not form part of your taxable salary so when you dont submit bills to your employer in form 16 that amount will be included in Taxable Salary Income.
In IT return there is no where provision for claiming separate deduction u/s 10. So if you want to claim deduction then only way out is to reduce your taxable salary. By doing so there will be miss match of amount reported by employer & amt. declred by you & there is 100% chance of getting notice from IT dept.
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