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Form 10IE for new tax regime

Sunil Verma (120 Points)

04 July 2022

I chose 'New Tax Regime' for ITR-2 (AY 20-21) but missed filing form 10IE last year.

Any negative impact ?

Today I do not see form 10IE online so I can't file it for current AY 21-22 or last one.

Shall appreciate any help and thanks in advance.

Sunil Verma

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5 Replies

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 04 July 2022

Tax will be calculated with old tax regime if you have not filed 10IE in last year

1 Like

CA Puja Sharma (Chartered Accountant) (4874 Points)
Replied 04 July 2022

Form 10E is to be filed before filing the Income Tax Return within the due date.

If you have not filed then you will not be liable to claim taxation under the New Tax Regime.

2 Like

Sunil Verma (120 Points)
Replied 04 July 2022

Q; Is Form 10IE mandatory to file?
Ans; Yes, it is mandatory to file Form 10IE if you want to opt for new tax regime and have Income under the Head “Profits and Gains of Business and Profession.”
Since I filed ITR-2 and don't have income under "Profits and Gains of business and profession" which requires ITR-3 , I hope my return is processed under new regime.

Attached File : 2019847 20220704185916 10ie mandatory.jpg downloaded: 42 times

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 04 July 2022

If you don't have business income then it is not needed to file Form 10IE

2 Like

Mitali (Finance Professional) (11046 Points)
Replied 08 April 2024

Note :

Form 10IE is a declaration form which are filed by taxpayers for choosing the ‘New Tax Regime’ instead of the default new tax regime for FY 2023-24.
Form 10IE must be filed before submitting your income tax return.
Once the form submitted, a 15-digit acknowledgement number is generated and that is necessary for proceeding with ITR filing under the old tax regime.

Due Dates :

For individuals/HUFs without audit requirements: Form 10IE should be filed before the due date of ITR filing (e.g., July 31, 2024, for AY 2024-25).
For individuals/HUFs with audit requirements: Form 10IE should be filed before the due date of filing the audit report under section 44AB (e.g., September 30, 2024, for AY 2024-25).