Turbocharge Your Tax Savings: Master Form 10 IEA to Seamlessly Navigate Tax Regimes and Unlock Maximum?Benefits!

New Form 10 IEA

Under the default new tax regime, individuals and Hindu Undivided Families (HUF) without any professional or business income can opt out of the new tax regime directly when filing their tax returns.?

The new form 10 IEA can be used by Individuals, HUF, AOP (other than co-operative societies), BOI & Artificial Judicial Persons (AJP) having income from business and profession to indicate their preference for the old tax regime. They are required to submit Form 10-IEA within the specified time frame under section 139(1) if they wish to switch from the new to the old tax regime or re-enter the new scheme.?

Earlier Form 10IE?

Until FY 2022-23, individuals had to file Form 10-IE to choose the new tax regime. From FY 2023-24, the new regime is the default option. Taxpayers not selecting the old regime will be automatically enrolled in the new one.?

Who is this Form for??

Taxpayers with business income can use Form 10 IEA to opt-out or re-enter the new tax regime.?

Parts of the Form

Part A?: Basic Information?

Part B?: Additional Information?

Part C?: Declaration and Verification?

Part A- Basic Information?

1. Name of Asseseee?
2. PAN?
3. AY?
4. Status of person?

If it is the first time filing a form then the opting-out option will be auto-selected and if the system has a valid form with an opting-out option, then the re-entering option will be auto-selected.

Part B- Additional information?

IFSC - An international financial services center that caters to customers outside the jurisdiction of the domestic economy, dealing with flows of finance, financial products, and services across borders.?

Part C- Declaration and verification?

Declaration and verification by the taxpayer for Opting out or Re-entering into the new Tax Regime.?

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Steps to Fill the Form on the Portal?

1. Login on the e-filing portal?
2. On your dashboard, go to the e-File menu, then select Income Tax Forms, and click on File Income Tax Forms.?
3. When you navigate to the "File Income Tax Forms" page, you should look for the section labeled "Persons with Business/Professional Income." Within that section, you need to select the option "Form-10IEA.?
4. Remember to complete all 3 parts of the form: Basic Information, Additional Information, and Declaration & Verification...?
5. Check all the details provided on the form. You can edit the details by clicking on the edit button. Otherwise, click on the Proceed to E-Verify button and verify using any of the available options.

How to Track Form 10 IEA?

Now, if the taxpayer wants to view a filed form, they can go to the e-file menu, then select "View filed forms" and choose the specific form 10 IEA. They can download the form and receipt and click on "View details" to see the life cycle of the form.?

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