Form 10IE for Opting New Tax Regime

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 by filing Form 10IE with the government ITD portal.

NEW W.e.f Apr 1st 2023, New Tax Regime is made default Tax Regime. However taxpayers can continue to avail Old Tax Regime

This document covers

Old vs New Tax Regime
How to opt for New Tax Regime?
What are the Contents of Form 10IE?
Details required
How to download Paper Copy of Form 10IE?
How to file Form 10IE?
Reporting to Team EZTax.in

1. Old vs New Tax Regime | Explained

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

2. How to opt for 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.

NOTE: Form 10IE is required to be filed by the taxpayers who are filing under ITR 3 and ITR 4. Tax payers Filing under ITR 1 and ITR 2 are not required to file Form 10IE.

3. What are the Contents of Form 10IE?

The following information is required to be given in form 10-IE

Name of individual / HUF
Address of individual / HUF
PAN of individual / HUF
Financial year for which option is exercised.
If the individual/HUF has any income from business/profession.
Date of birth of individual / HUF.
Nature of business/profession (only if there is any business / profession).
Whether option for opting New Tax Regime has been exercised for earlier previous years (Yes or No) and date of exercising such option.
Declaration by the Individual/ Karta of the HUF/Authorized Representative.

4. Details required to be given in Income Tax Return

The Taxpayers needs to give Acknowledgement number of forms 10IE Filing and Date of Filing of Form 10IE in his Income Tax Return

5. How to download Paper Copy of Form 10IE?

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.

Download Form 10IE

6. How to file Form 10IE?

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.

7. Reporting to Team EZTax.in

In case this page was shared by Team EZTax.in in preparing and filing your Taxes in India, you may share above information 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.