Form 10IEA: Make Right Tax Regime Choice Before Filling ITR

Form 10IEA allows taxpayers to choose between the old and new tax regimes.

Starting from AY 2024-25 you are falling under new tax regime for ITR Filling. So, now if you want to opt out new Tax Regime and want to file ITR under Old Tax Regime then you need to inform government first by filling 10IEA.

Make sure to file this form before the ITR due date.

Who need to file form 10-IEA?

If an individuals earning income from profession or business and want to switch from the new regime to the old one, need to submit Form 10-IEA within the specified deadline under Section 139(1) by providing essential information like PAN number, assessment year, name, and current status to ensure accurate categorization and identification of taxpayer information.

Requirements

ITR 1 and 2 : Not required to file Form 10-IEA

ITR 3 and 4 : Required when you have income from business.

Conditions for Filing Form 10IEA

For Business Owners ITR 3 and ITR 4: You can file Form 10IEA twice in your lifetime –

• First to opt out of the new tax regime.

• Second to re-enter into the new tax regime.

Due Date to Submit Form 10-IEA

For Individuals, HUFs, AOPs, BOIs (not subject to audit) with business or professional income	31 July 2024
For Companies, other entities subject to tax audit, and partners in applicable firms with business or professional income	31 October 2024
For salaried taxpayers without business income	Can choose directly the old tax regime while filing returns, without the need for Form 10-IEA
For assesses under Section 92E requiring audit returns	30th November 2024

Details Required to Fill in Form 10-IEA

The form 10-IEA is divided into three parts:

Basic Information

• Details such as the name of the assessee, PAN, assessment year, and their status.
• If it’s the first time filing the form, the opting-out option will be auto-selected.
• If there’s a valid form with opting-out option already on record, then the re-entering option will be auto-selected.

Additional Information

• This involves providing any additional information related to the IFSC unit, if applicable.
• Note that if the taxpayer is opting out of the new tax regime, this section will be disabled or greyed out.

Declaration and Verification

• In this part, the taxpayer declares and verifies their choice of opting out or re-entering into the new tax regime.

How to fill Form 10-IEA?

• On e-Filing portal Page enter your user ID and password.

• Then, Go to e- File menu > Income Tax Forms > File Income Tax Forms.

• On the page >File Income Tax Forms >’Persons with Business/Professional Income > select the option > Form >10IEA. Alternatively, enter Form 10IEA in the search box to file the form. On the Form 10 IEA page, select the relevant Assessment Year and click on continue.

• Check the documents required for filing the form and Click on Let’s Get started

• Select Yes if you have Income under the head “Profits and gains from business or profession” during the assessment year.

• Select the Due date applicable for of filing of return of income and click continue.

• Click ‘Yes’ to Confirm the selection of the regime.

• Form has three section, confirm each section.

• Fill the necessary details in Basic Information section, Additional information section & declaration and verification section of the form, and click on save.

• Check the all the details furnished in the form. you can edit the details by clicking on edit button otherwise click on Proceed to e-verify button.

• Select the Relevant option from below options to verify the form. After verification Click on yes to Submit the Form.

• Now, if taxpayer wants to View filed form Go to the e-file menu > View filed forms > Form

• You can download the Form and receipt. click on View details to see the life cycle of form

New Tax Regime Benefits for Different Income Levels Click Here

FAQs on New Vs Old Tax Regime For FY 2023-24 Click Here

FAQs