What is
Form 10-IEA is the declaration required for opting into the old tax regime under Section 115BAC.
As CA Shefali Mundra, Tax Expert at ClearTax, explained, “Form 10-IEA is relevant for any individual, HUF, AOP, BOI or artificial juridical person who has income from business or profession and wants to file under the old tax regime (i.e., make use of deductions and exemptions).”
Why is it needed?
The government has made the new tax regime the default option. Taxpayers with business or professional
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What happens if you miss it?
Failure to submit Form 10-IEA will result in the taxpayer being automatically placed in the new regime, which could have a significant financial impact.
Mundra cautioned that without the form, taxpayers will “lose eligibility for allowances such as investment deductions under Chapter
Sujit Bangar, Founder of TaxBuddy.com, said, “Understanding the process and requirements associated with Form 10-IEA is crucial. Submitting this form before the specified deadline allows individuals to express their tax regime preference.”
Who doesn’t need it?
Salaried taxpayers without business or professional income can switch between the old and new regimes directly within their ITR, without filing Form 10-IEA.
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