Price of Medicines will be increased after the Budget

The Union ministry is to present the Budget this week, there will be tax relaxations to the Government officials. As there is a high possibility to increase the exemption limits limit in reimbursement against medical  treatment and traveling allowance expenses to Government employees, the reports says that it will cause the hike in price of medicines. Now the the medical Re-reimbursement up to 15000 is tax free. Tax is imposed on the amount more than 15,000. There is high possibility for a increase of tax for Medical Re-reimbursement by th Tax department. The tax practitioners are in the opinion that the limit now prevailing for last 10 years. Due to the increase in the price of essential commodities, the limit may be increased to further 40,000 to 50,000. The Government may consider to revise the limit to higher amounts.

In the case of Travel expenses the limit for tax payment is 800. It may also be revised.

News reported by News Vision - Online News Paper