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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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