The Union Budget 2020 has introduced a “New Tax Regime u/s 115BAC” for the individual taxpayers with effective from FY 2020-21 (AY 2021-22). This New Tax Regime is applicable for both Individuals and HUF w.e.f AY 2021-22. The Taxpayer can choose between Old Tax Regime and New Tax Regime for the corresponding financial year.
You may refer to Old vs New Tax Regime | Explained for Salaried & Business Tax Payers
In addition, check more on Difference between Old Tax Regime and New Tax Regime
The Taxpayer needs to choose between the Old Tax Regime and New Tax regime before Income Tax Filing for the respective financial year. The Central Board of Direct Taxes (CBDT) has notified Form 10IE on Oct 1st, 2020. If the taxpayer wants to opt for new tax regime, he needs to submit his choice of opting new tax regime in Form 10IE to Income Tax Department before filing your Taxes for the corresponding FY.
The following information is required to be given in form 10-IE
The Taxpayers needs to give Acknowledgement number of forms 10IE Filing and Date of Filing of Form 10IE in his Income Tax Return
While the Form 10IE is available Online, you may refer to Department announced Form 10IE for different reasons and where Online form may not be possible to fill.
Form 10IE is online form which requires to be filed in Income Tax e-filing portal. The taxpayer needs e verify the form IE through Aadhaar OTP or Pre-Validation of bank account or Net banking.
In case this page was shared by Team EZTax.in in preparing and filing your Taxes in India, you may share above informaiton to us to prepare and file or you may file Online @ the ITD portal and share Form 10IE Acknowledgement number back to our team to continue your eFiling of Taxes.
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