Hey all, welcome to my blog.
Today I am gonna give a good clarification about the Tax regime forms.
We all know that there are two types of forms available for opting new tax regime and an old regime. But the assessee has no idea about this form.
Form name:-
- Form 10-IEA: opting for the OLD tax regime
- Form 10-IE: opting for the NEW tax regime
- 10-IEA: Form 10-IEA holds significant importance for business owners and professionals who intend to persist with the old income tax regime. This form allows individuals to express their tax regime preference and furnish essential details before the stipulated deadline. Submitting Form 10-IEA in a timely manner is crucial for those who wish to continue using the previous tax regime.
- 10-IE: Form 10IE is a declaration form used by taxpayers to opt for the ‘New Tax Regime.’ Individuals or HUFs (Hindu Undivided Families) with business or professional income are required to submit Form 10IE if they intend to pay income tax based on the new tax regime. This form allows them to officially inform the income tax department of their preference for the new tax regime.
And now from the FY. 2023-2024 and AY. 2024-2025 the new tax regime will be selected by default for all taxpayers.
Due to this reason, you have to calculate your taxes according to the new tax regime and many of the benefits will not be covered by this regime. So are you thinking about going for the old tax regime? you have to file form 10-IEA in detail. And after that, you can do your filing with the old tax regime. And you have only one chance for opting for the tax regimes.
And are you thinking about going for the new tax regime? so you have to file form 10-IE for opting for the new tax regime.
Click here to download form 10-IE
Click here to download form Form 10IE
Thanks,