WHILE FILING ITR FOR THE ASS YEAR 2024-2025 WHEN OPTING OUT FROM NEW TAX REGIME TO OLD REGIME COMPULSORY FILE FORM 10IEA. NOW IF PREVIOUSLY FORM 10IEA NOT FILED INDIVIDUALS JUST DEFAULT THE NEW TAX REGIME AND FILE THE RETURNS. THOSE WHO HAVE NOT CHOOSED NEW TAX REGIME IN THE PREVIOUS YEARS FORM 10IEA NOT REQUIRED TO FILE JUST DEFAULT NEW REGIME FILE ITR
16 May 2024
Correct. Default new tax regime for AY 2024-26, unless you file Form 10IEA... Even if you had not filed it earlier, new tax regime from this year...
16 May 2024
Yes, if you wish to file ITR under Old Tax Regime for AY 2024-25, file form 10IEA before due date, for ITR 3 & 4 etc. i.e in case of income declared u/h. PGBP. Form ITR 1& 2 no need to file form separately, just select the option available in ITR itself.
YOU HAVE CLEARED MY CONFUSIONS SIR, I THOUGHT SINCE ITR FILED BY INDIVIDUALS UNDER OLD REGIME IN THE PREVIOUS YEARS THEY SHOULD NOT FILE FORM 10IEA BECAUSE THEY STILL UNDER OLD REGIME BEFORE INTRODUCE OF NEW TAX REGIME.
THANK YOU SIR IF INDIVIDUAL THEY SHOULD FILE FORM 10IEA IF THEY DO NOT WANT TO SWITCH NEW REGIME.
16 May 2024
File form only if you wish to switch to old regime that too for individuals having business income. For others switching regime is in ITR form itself. If nothing selected, the ITR will be processed under NEW regime, which is default regime from now on.
CAclubindia
