Opting the tax regime

Quick Summary
From FY 2023-24, the new tax regime is the default option. If you wish to continue with the old tax regime, you'll need to actively opt out of the new one. For those with business income, this typically involves filing Form 10IEA before the tax return due date. The discussion clarifies that even if you filed under the old regime previously, you must now take specific steps to remain in it for the current financial year.

Sir I'm asking for this one 

One of the assessee file his income tax (Salary & Freelancing Income) for AY 23-24 under old regime.

 

Now, AY 24-25 His filing option is default under new regime as per ITD.

 

 

 

What can he do if continues under old regime...??? 

 

or

 

What can he do if filing under new regime...???

 

 

 

Please give suitable explanation....

 

I'm asking if he continue with old regime then 

Is he want to file form 10IEA...??

Is he want to file form 10IEA new regime (old to new)...???

 

 

First tell me which ITR you will file?

I mean where you are declaring freelancing income?

Or 1. which ITR you filed in AY 2023-24?

2. Which ITR you which to file for AY 2024-25? & under Which regime?

Originally posted by : Dhirajlal Rambhia
opening quote

First tell me which ITR you will file?

I mean where you are declaring freelancing income?

Or 1. which ITR you filed in AY 2023-24? 

- In Old Regime -> ITR 4 (Another one ITR 3 - Business)

2. Which ITR you which to file for AY 2024-25? & under Which regime?

ITR 4 (Another one ITR 3 - Business)

closing quote

Sir,

My doubt is about from old to new regime (it's default).

 

So, What can I do...??

 

If I file the above said  ITRs with default regime, any issues become...

No issue if you wish to file these ITRs in New Regime. .... No need to file form  10IEA.

Only if you wish to file under Old regime, file form 10IEA, before due date.

Yes Sir,

If in AY 2024-25 he wants to go for old regime he will have to File Form 10IEA before due date

Originally posted by : CA. Bhavik P. Chudasama
opening quote Yes Sir,

If in AY 2024-25 he wants to go for old regime he will have to File Form 10IEA before due date
closing quote

Yes Sir...

 

But, My opposition is why dept compel this one. Bcoz, Assessee already filed in old regime. 

Now it's under new regime as default and assessee want to file form 10iea as per dept changes.

 

It's very useless follow up (as per my view).

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