Hi,
Last year I filed ITR-3 and form 10-IEA to continue with the old regime.
This year I want to switch to the new regime in ITR3 (F&O Trading & income from consulting), do I need to again file form 10-IEA to change the regimes?
As I'm trying to opt to new regime, income tax website is kind of asking to again file form 10-IEA,
Please clarify this query, thanks in advance.
Yes, you need to file form 10IEA again to switch back to NEW regime.
Note: once opted out of old regime, you will not be able to opt old regime in future (till have business income)
Many Thanks Sir,
One more question if you can kindly answer
I am an F&O trader with annual turnover of around INR 3 Cr in FY24-25, I have made losses of around INR 8 lakhs. 100% of my transactions are digital.
Do I need to get the audit done from the CA?
Income tax website gives an option that if >95% of reciepts and payments are digital then audit is not required,
Please guide, thanks in advance.
No. Tax audit not mandatory. File return before due date to carry forward losses.
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