Form 10IEA: New Tax Regime Filing Explained

This query is : Resolved

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Form 10IEA is only mandatory for business or professional income taxpayers opting for the new tax regime. Salaried individuals can choose the new regime directly within their Income Tax Return (ITR) without needing to file a separate form. For the Assessment Year 2024-25, the new tax regime is the default option for all individuals. If advance tax was paid under the incorrect minor head (e.g., Section 115TD), a challan correction request should be submitted to the Jurisdictional Assessing Officer.

raghavendra b

raghavendra b (Querist)
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03 April 2024 DEAR SIR,

IT'S NOT MANDATORY TO FILE FORM 10IEA FOR SALARY INDIVIDUAL OR THEY JUST CAN CHOOSE NEW TAX REGIME TO FILE INCOME TAX RETURNS.

ONLY BUSINESS OR PROFESSIONAL INCOME TAX PAYER MUST FILE FORM 10IEA FOR OPTING NEW TAX REGIME.

WHAT WILL HAPPEN IF AN INDIVIDUAL PAID ADVANCE TAX BY SELECTING WRONG MINOR HEAD MEANS U/S 115TD?

YOUR GUIDENCE IS VALUABLE

THANKS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 May 2024 For salaried persons, there is option to switch regime under schedule General in ITR. They need not file form separately. Secondly, for all individuals the new regime is by default for AY 2024-25.

raghavendra b

raghavendra b (Querist)
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11 May 2024 THANK YOU SIR,

ONE OF MY CLIENT PAID ADVANCE TAX THROUGH HIS INTERNET BANKING BY WRONGLY SELECTING MINOR HEAD TAX ON ACCRETED INCOME U/S 115TD. IN THIS SITUATION WHAT WILL HAPPEN?

REGARDS

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 May 2024 Please submit challan correction request to Jurisdictional Assessing Officer for Minor Head.

raghavendra b

raghavendra b (Querist)
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11 May 2024 THANK YOU SIR FOR YOUR REPLIES

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 May 2024 You are welcome.

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