Form 10 IEA is relevant for taxpayers opting for the old tax regime from FY 2023-24 onwards, particularly if filing ITR-3 or ITR-4 and having business or professional income. Salaried individuals filing ITR-1 or ITR-2 generally do not need to file this form. Once the new tax regime is chosen, switching back to the old regime is not permitted.
From FY 2023-24 (AY 2024-25) onwards New Regime is default regime and if any taxpayer wants to opt Old Regime then he has to file a form 10IEA in case he is filing ITR 4 or ITR 3 in case of business or Profession.