Rule 21AGA Introduced: Form 10-IEA Mandatory for Switching Tax Regimes from AY 2024-25

Vivek Jalan | Last updated: 24 April 2026

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Starting from Assessment Year 2024-25, taxpayers wishing to switch between the old and new tax regimes must now file Form 10-IEA. This new rule, 21AGA, mandates its submission before the income tax return due date for those with business income. For individuals without business income, the choice is made within the income tax return itself. The form must be submitted electronically. Amendments also affect exempt allowances, perquisite valuations, and depreciation rules, including a 40% ceiling on depreciation rates for certain assets.

Vide CBDT Notification No. 43/2023 dated 21.06.2023, a new Rule 21AGA has been inserted to implement changes announced in the FY24 budget and to set out the modalities for taxpayers who wish to switch between the old and new regimes. From AY 2024-25 and onwards, the option to be exercised shall be, - (a) in Form No. 10-IEA on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for such assessment year, in the case of a person having income f

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

Vivek Jalan

DESIGNATED PARTNER

Mr. Vivek Jalan is a FCA, Qualified LL.M (Constitutional Law) and LL.B. He is the Chairman of The Fiscal Affairs and Taxation Committee of The Bengal Chamber of Commerce and Industry. He is the Convenor on Indirect Taxes of the CII- Economic Affairs and Taxation Committee (ER); He is also a visiting faculty for Indirec ... Read more

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