Form 10IEA for Opting Old 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.

Taxpayer can opt out of New Tax Regime to Old Tax Regime for FY 2023-24 (AY 2024-25) by filling Form 10IEA with the government ITD site to use while filing an ITR

NEW W.e.f Apr 1st 2023, New Tax Regime is made default Tax Regime. However taxpayers can continue to avail Old Tax Regime. Upto FY 2022-23, Old Tax Regime was default tax Regime.

This document covers

Old vs New Tax Regime | Explained
How to opt for New Tax Regime?
What are the Contents of Form 10IEA?
Details required to be given in Income Tax Return
How to download Paper Copy of Form 10IEA?
How to file Form 10IEA?
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 the due date of Income Tax Filing for the respective financial year.
The Central Board of Direct Taxes (CBDT) has notified Form 10IEA on 21st June 2023.
If the taxpayer wants to opt for Old tax regime, he needs to submit his choice of opting Old tax regime in Form 10IEA to Income Tax Department before filing your Taxes for the corresponding FY.
Form 10IEA is required to be filed by the taxpayers who are filing under ITR 3 and ITR 4.
Taxpayers Filing under ITR 1 and ITR 2 are not required to file Form10IEA. They are just required to disclose their preferred regime in Income Tax Return.

NOTE: Upto FY 2022-23, New Tax regime was default Tax Regime and the taxpayers who were filing under ITR 3 and ITR 4 were required to submit Form 10IE on or before the due date of filing Income Tax Return. Taxpayers filing under ITR 1 and ITR 2 were required to disclose their preferred regime in Income Tax Return

3. What are the Contents of Form 10IEA?

The Contents of Form 10IEA are same as Form 10IE.The following information is required to be given in form 10-IEA

Name of individual / HUF
Address of individual / HUF
PAN of individual / HUF
Financial year for which option is exercised.
Whether Opting out of New Tax Regime or Re-entering to New Tax Regime
If re-entering to New Tax Regime, details of option exercised earlier should be given i.e., date of exercising and first assessment year for which the option was exercised.
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 10IEA Filing and Date of Filing of Form 10IEA in his Income Tax Return if he is filing under ITR 3 or ITR 4

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

While the Form 10IEA is available Online, you may refer to Department announced Form 10IEA for different reasons and where Online form may not be possible to fill.

Download Form 10IE

Download Form 10IEA from FY 2023-24

6. How to file Form 10IEA?

Form 10IEA is online form which requires to be filed in Income Tax e-filing portal. The taxpayer needs e verify the form 10IEA 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 10IEA Acknowledgement number back to our team to continue your eFiling of Taxes.