` Summary of 10 Tax reminders relevant in FY22

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Ankur Tah-TAX Advisory & Solutions

Summary of 10 Tax reminders relevant in FY22

 


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Summary of 10 Tax reminders relevant in FY22

1. Choose your preferred tax regime –

Between two option Old Scheme or concessional tax rate

scheme.

2. Dividends taxable in the hands of the investors –

Taxable from FY 21-22.

No DDT

Dividend paid is above Rs5,000, the payer will deduct TDS

and reflect in 26AS.

3. Your EPF is tax-free, but only up to a point-

2.5 Lakh (5 Lakh for GPF govt employees)

4. ULIPs are also tax-free only under specific conditions –

Premium should less than 10%of sum assured and

aggregate annual premium across all ULIPs by an individual

exceeds Rs2.50 Lakh

5. Exemption to Senior Citizens from filing of tax returns-

Senior citizens above the age of 75

6. The time to file belated tax returns has been crunched-

Now it will only be possible till December

7. From FY22, it is over to pre-filled ITR forms

8. PAN cards not linked to Aadhar will be inoperative

9. You pay higher TDS if you don’t file returns

10. Bill submission under LTC cash-voucher scheme-

The individual has to submit all bills and invoices in the

correct format containing the GST amount and GST number

of the vendor providing the service.

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