FICCI seeks tax exemption on preventive health check-up

Last Updated at: March 11, 2020
1185
FICCI seeks tax exemption on preventive health check-up

With just a few days ahead of the maiden budget session of the new government, Delhi-based industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has sought for tax exemption on preventive health check-up. The body has demanded exemption limit to be raised to Rs 20,000 from existing Rs 5,000 under Section 80-D of the Income tax Act.

According to media reports, FICCI has asked the government to direct employers to get an annual deduction of up to Rs 10,000 per employee towards expenses incurred for health check-ups. It has made the demand, considering the fact that over 50 lakh Indians, roughly 5.8 million, are affected by various diseases like stroke, cancer, heart diseases, respiratory diseases, diabetes and other non-communicable diseases. The industry body believes that preventive health check-ups can reduce the complications and mortality and help in early diagnosis and timely treatment.

Get Your Company Registered

In the 2018 budget, medical reimbursement deduction was merged with conveyance allowance into a composite standard deduction limit of Rs 40,000. FICCI has also demanded the re-introduction of reimbursement and an increase in the annual limits of Rs 10,000, given the rise in inflation index.

How many GST returns are filed each year?

In order to avoid legal allegations as per the GST rule the taxpayer has to file the GST returns three times a month and once annually. Understand the procedure for GST registration and GST returns here.

What are the documents to be submitted for MSME Registration?

The entity must produce the documents like proof of ownership of premises, passport size photographs of proprietors or directors, copy of the constitution of business, Aadhar and PAN card of proprietors, bill of investment in plant and machinery. More on Income Tax Return Filing.

Will I be penalized on late filing of ITR even if I am not liable to file it?

People who fall under the low income category need not worry about filing the income tax returns before the due date as they would not be fined for it. Learn more about ISO Certification.

Who can get certified for ISO 9001?

Any company be it non governmental, governmental or private industry of any size or vertical can request and obtain ISO 9001 certification.More info on NGO Registration in india.

Should I register a trust or a society?

The Trust and Society, both functions as social work platforms.The only difference you will feel is in the supervising bodies of each NGO.More about Udyog Aadhar Registration.

0

FICCI seeks tax exemption on preventive health check-up

1185

With just a few days ahead of the maiden budget session of the new government, Delhi-based industry body Federation of Indian Chambers of Commerce & Industry (FICCI) has sought for tax exemption on preventive health check-up. The body has demanded exemption limit to be raised to Rs 20,000 from existing Rs 5,000 under Section 80-D of the Income tax Act.

According to media reports, FICCI has asked the government to direct employers to get an annual deduction of up to Rs 10,000 per employee towards expenses incurred for health check-ups. It has made the demand, considering the fact that over 50 lakh Indians, roughly 5.8 million, are affected by various diseases like stroke, cancer, heart diseases, respiratory diseases, diabetes and other non-communicable diseases. The industry body believes that preventive health check-ups can reduce the complications and mortality and help in early diagnosis and timely treatment.

Get Your Company Registered

In the 2018 budget, medical reimbursement deduction was merged with conveyance allowance into a composite standard deduction limit of Rs 40,000. FICCI has also demanded the re-introduction of reimbursement and an increase in the annual limits of Rs 10,000, given the rise in inflation index.

How many GST returns are filed each year?

In order to avoid legal allegations as per the GST rule the taxpayer has to file the GST returns three times a month and once annually. Understand the procedure for GST registration and GST returns here.

What are the documents to be submitted for MSME Registration?

The entity must produce the documents like proof of ownership of premises, passport size photographs of proprietors or directors, copy of the constitution of business, Aadhar and PAN card of proprietors, bill of investment in plant and machinery. More on Income Tax Return Filing.

Will I be penalized on late filing of ITR even if I am not liable to file it?

People who fall under the low income category need not worry about filing the income tax returns before the due date as they would not be fined for it. Learn more about ISO Certification.

Who can get certified for ISO 9001?

Any company be it non governmental, governmental or private industry of any size or vertical can request and obtain ISO 9001 certification.More info on NGO Registration in india.

Should I register a trust or a society?

The Trust and Society, both functions as social work platforms.The only difference you will feel is in the supervising bodies of each NGO.More about Udyog Aadhar Registration.

0

FAQs

No FAQs found

Add a Question


No Record Found
SHARE
A lawyer with 14 years' experience, Vikram has worked with several well-known corporate law firms before joining Vakilsearch.