Budget 2016: Common man wants hike in tax exemption limit for medical reimbursement
The common man, who has nothing to do with the nitty-gritty of the very volatile and evolving business world, hopes to see the net effect of the strong measures taken by the government.
Zee Media Bureau
New Delhi: The common man, who has nothing to do with the nitty-gritty of the very volatile and evolving business world, hopes to see the net effect of the strong measures taken by the government on inflation, education, taxation and health.
The salaried class expects additional incentives for savings and higher tax allowance for expenditure on education and health.
The amount of medical expenses reimbursed by the employer on treatment of employees or their family members is exempt from tax to the extent of Rs 15,000 per annum.
As per an Assocham poll 88 percent of the respondents advocated hiking the limit to Rs 50,000 per annum as the present threshold was set way back in 1998.
Similarly, deduction of Rs 15,000 under section 80D for payment of medical insurance premium was set in the year 2008. In order to encourage and bring more people under the health insurance umbrella, the deduction should be increased to Rs 50,000, said majority of the respondents.