Medical Allowance Exemption: Is it allowed in ITR for AY 2023-24
Medical Allowance Exemption: Is it allowed in ITR for AY 2023-24
Jun 11, 2023
Rajeev Kumar
Before filing your Income Tax Return for AY 2023-24, read on to find the taxability of fixed medical allowance provided to salaried employees.
Before filing your Income Tax Return for AY 2023-24, read on to find the taxability of fixed medical allowance provided to salaried employees.
Medical allowance is a fixed allowance paid to the employees of a company on a monthly basis.
Medical allowance is a fixed allowance paid to the employees of a company on a monthly basis.
This fixed medical allowance is provided irrespective of whether the employee submits the bills to substantiate the expenditure or not.
This fixed medical allowance is provided irrespective of whether the employee submits the bills to substantiate the expenditure or not.
However, fixed medical allowance is fully taxable in the hands of employee, according to Income Tax Department.
However, fixed medical allowance is fully taxable in the hands of employee, according to Income Tax Department.
This means you cannot claim tax exemption on the medical allowance you may have received in FY 2022-23.
This means you cannot claim tax exemption on the medical allowance you may have received in FY 2022-23.
The ITR filing due date for AY 2023-24 is July 31.
The ITR filing due date for AY 2023-24 is July 31.
Salaried employees are advised to file their tax returns as soon as possible and before the end of due date to avoid penalties.
Salaried employees are advised to file their tax returns as soon as possible and before the end of due date to avoid penalties.
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