Commencing from the financial year 2023-24, the new tax regime has become the default option. Individuals with business or professional income must explicitly select the old regime by filling Form 10IEA to opt for the Old regime. This Form is a declaration made by the return filers for choosing the ‘Old Tax Regime’. By submitting this form, they can inform the income tax department of their choice. Individuals without business or professional income can enter the old tax regime. They must simply file their income tax return without the need to submit the Form.
When to submit Form 10IEA?
Form 10 IEA has to be filed before filing your income tax return. After submitting Form 10 IEA, an acknowledgement number will be generated. An individual having business income can submit this form before the due date of filing ITR i.e. July 31 only.
Discontinuation of Form 10IE
Form 10IE formerly employed for opting into the new tax regime, has been discontinued. Its usage extended until the financial year 2022-23. Nevertheless, the cessation of Form 10IE coincides with the new default setting for the tax regime beginning in FY 2023-24. Henceforth, the new tax regime will be automatically applied unless explicit steps are taken to select the old regime.
Contents of Form 10IEA
Given below are the basic details that we need to enter in form 10IEA:
- Name of the individual/HUF
- PAN
- Status of the person
- The assessment Year for which the Form is being furnished
- Whether opting out of or re-entering the New Tax regime
- If re-entering, details of the option exercised earlier
- Confirmation: If a taxpayer has any unit in the International Financial Services Centre (IFSC), as referred to in sub-section (1A) of section 80LA. (if yes, the details have to be provided)
- Declaration
Sample of Form 10IEA
E-filing the Form 10IEA
The notification has clarified that taxpayers need to file the form electronically. Taxpayers can file the form on the IT Portal to opt for the Old tax regime for FY 2023-2024 onwards. The form will be filed using either a digital signature certificate or an electronic verification code.
FAQ
Taxpayers who want to opt for the Old tax regime and have Income under the head “Profits and Gains of Business and Profession” should file Form 10IEA.
If the taxpayers forget to fill the Form 10IEA before or at the time of filing of ITR, they will not be able to opt for the old tax regime.
Yes. To re-enter the new tax regime after opting out, the taxpayer must submit Form 10 IEA before filing the ITR.
Very informative and concise article. I had income under ‘Intra Day Trading’ of shares till FY 2022-2023 (AY 2023-2024) and I have filed my ITR 3 under old tax regime. But from current financial year, 2023-2024 (AY 2024-2025) onwards, I will not have this income as I have stopped Intra Day Trading.
Is it necessary that I should file FORM 10IE?
For FY 2023-24 onwards, new tax regime is the default regime, so if you wish to file ITR under old tax regime and have income from business or profession, then it is required to file this form 10IEA. Hope this helps!
I have a query regarding new tax regime:
I have filed tax return for FY 21-22(AY 22-23) after due date and availed new tax regime, and filed FORM 10IE (having business income) at the time of furnishing the return i.e.after due date of filing the return, and not received any notice from Income tax department. In FY 22-23 (AY 23-24) I have filed my return in new tax regime as I have already filed Form 10IE in previous year and not able to file the same for FY 22-23 again, but this time Income tax department issue notice (Intimation u/s 143(1)) and there is a demand and they consider that sec 115BAC is not opted by me and computed tax as per old tax regime. Kindly, let me know that to do with this.
I have a query regarding new tax regime:
I have filed Tax return for FY 21-22 (AY 22-23) after due date and availed new tax regime, and I filed Form 10IE (having business income) at the time of filing return i.e. after due date of furnishing of return and didn’t receive any notice for that year. In FY 22-23 (AY 23-24) I have filed my return before due date in new tax regime as I have already filed Form 10IE in the previous year and not able to file for FY 22-23 (AY 23-24) again, using the acknowledgment number and date of filing the form 10IE of previous year I filed the return for the current year FY 22-23, and now I received a notice from Income tax department demanding to pay tax as per old tax regime. kindly let me know what to do.
Hello @lavanya
For any Financial year, only one Form 10IE can be filed. You have filed Form 10IE in FY 22-23. By logging into IT Portal> e-file> Income Tax Form> View filed form, please ensure that only one form to opt into the new regime has been filed with the correct AY and is reflected on the ITR Form.
If all the provided information is correct, you can file for rectification in response to the demand.
Hope this Helps!
Form 10IEA can be filed at any given time of it should be just right before filing the tax return.
If I opt out from the New Tax Regime than I also need to fill SAHAJ form?
Do you provide the services for filing tax returns?
Hello,
Form 10IEA must be filed before filing the income tax return if you have income from Business and Profession during the year. Also, Quicko can help you file the Income Tax Return.
Is Every year i have to file form 10-IEA?
Hey,
Form 10IEA is not required to be filed annually. It is only necessary to file this form once a year when choosing the old tax regime and again when opting out of the old tax regime.
Hope this helps!
Form 10IEA Online केाठे भरावा
Hi Santosh, you can file this form online by logging in to Income tax account. It will be enabled after the financial year is over.
Thank you very much. I am just lay man and clarify my doubts.
1) In the previous years, i filled ITR-4 ( 44ADA Professional Income) using Old Regime. So, AY2024-2025 prior to filing ITR-4, Form 10IEA to be completed and get the acknowledgement reference number, so that the same will be included in the ITR-4 whilst filling. This is applicable only for continuing same good Old Regime. Confirm my understanding is correct.
2) In the previous years, i filled ITR-4 ( 44ADA Professional Income) using Old Regime and now this upcoming AY2024-2025 when i opting New Regime ( 115BAC)- I do not require Form 10IEA submission and just directly file and complete ITR-4 (New Regime). Confirm my understanding is correct.
3) What does the term exactly “Opting Out”- It is confusing. Bear with me i am just lay man.
Hello Srikanth
Yes your understanding is correct.
1) If you wish to file your tax return under old regime for ITR-4, you have to first file Form 10IEA before the due date and then file ITR with the details.
2) In current AY 2024-2025 if you wish to file ITR-4 under New regime you are not required to file Form 10IEA.
3) From the AY 2024-2025 New Regime is the default regime. Consequently, individuals wishing to choose the old regime must actively opt out i.e. withdrawal from the New regime. Hence the term opting out of New Regime is used.