DEFUALT NEW TAX REGIME FOR ASS YEAR 2024-2025

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For the assessment year 2024-2025, the new tax regime is the default option. If you wish to continue with the old tax regime, you generally need to file Form 10IEA, especially if you have income under PGBP. For individuals without business income, the option to switch back to the old regime is available directly within the ITR form itself. If no specific choice is made, your return will automatically be processed under the new tax regime.

raghavendra b

raghavendra b (Querist)

16 May 2024 DEAR SIR,

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

PLEASE CLARIFY ME

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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...

raghavendra b

raghavendra b (Querist)

16 May 2024 THANK YOU SIR YOUR REPLIES,

IF PREVIOUSLY NOT OPTED TO NEW TAX REGIME FOR CONTINUE OLD REGIME ALSO MANDATORY TO FILE FORM 10IEA

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

Message likes : 1 times

raghavendra b

raghavendra b (Querist)

16 May 2024 THANK YOU SIR FOR YOUR ALL REPLIES,

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.

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

raghavendra b

raghavendra b (Querist)

16 May 2024 THANK YOU FOR YOUR REPLY SIR,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

16 May 2024 You are welcome.

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