Income Tax News: Switching Between Old and New Tax Regimes with Form 10IEA, Check Step-By-Step Process to File

Income Tax News: For FY 2023–24 (AY 2024–25), taxpayers have the option to switch from the New Tax Regime to the Old Tax Regime by completing Form 10IEA on the official ITD website, which they can use to file their ITR. NEW The New Tax Regime becomes the default Tax Regime on April 1st, 2023. Taxpayers can still utilize the Old Tax Regime, though.

Understanding Form 10-IEA

In business cases, taxpayers can exercise their right to select between the old and new regime by using form 10-IEA, as announced by Notification No. 43/2023 dated June 21, 2023.This form may be submitted twice in a lifetime, once to opt out of the new tax regime and once to re-enter it. Form 10IEA filing is a methodical procedure that can be finished on the Income Tax Department's electronic filing portal. How to file Form 10IEA is as follows:

Here is the process

Access the e-filing portal: Go to the Income Tax Department's official website and enter your login information to access your account.

Navigate to 'e-File' section: Navigate to the 'e-File' tab after logging in, then choose 'Income Tax Forms' from the dropdown menu.

Select the relevant assessment year: From the list of options, select the assessment year for which you want to submit Form 10IEA.

Locate Form 10IEA: Find Form 10IEA by scrolling through the list of forms that are available. In order to start the filing process, click the form.

Fill in the details: Complete the Form 10IEA with all necessary information. Make sure the information you provide about your eligibility for section 10(26AAA) tax exemption is accurate.

Verify the information: Examine the data on Form 10IEA to make sure it is accurate and comprehensive. Before continuing, make any necessary corrections.

Submit the form: After you have confirmed the information, use the e-filing portal to electronically submit Form 10IEA.

Individuals and HUFs can ensure compliance with tax regulations and claim the benefits that are entitled to them under section 10(26AAA) of the Income Tax Act by following these steps to accurately and efficiently file Form 10IEA.