Form 10 IE for A.Y. 2024-25

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For the Assessment Year 2024-25, the default tax regime is the new one. If you wish to continue filing under the old tax regime, as it's more beneficial, you are required to file Form 10-IEA. This form is specifically for opting into the old tax regime, while Form 10-IE is for opting into the new regime.

suren

suren (Querist)

22 May 2024 Dear Expert,

The assessee has filed his returns all these years up till A.Y. 2023-24 under the old regime. He has income from other sources and small profit from Futures and Options which he declares under business income. From A.Y. 2024-25, default regime is New Regime. However, he wants to continue to file his return under old regime as that is more beneficial to him for A.Y. 2024-25.

I suppose he is required to file Form 10IE before uploading his income tax return. Am I right in this case? Or as he filed all his previous returns under Old Regime so he does not have to file form 10IE?

Please advise.

Manish

Manish (Expert)

22 May 2024 Yes, filing form 10IE is mandatory in your case.

CA. Bhavik P. Chudasama

CA. Bhavik P. Chudasama (Expert)

23 May 2024 Yes, default regime for AY 2024-25 is New Tax Regime and if you wish to opt for old regime you will have to File Form 10IEA

Form 10IE is to opt for New Tax Regime
Form 10IEA is to opt for Old Tax Regime

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