Form 10-IEA serves as a crucial document introduced in alignment with the fiscal policies outlined in the Budget 2023. It facilitates taxpayers’ choice between the old and new tax regimes, with the latter being set as the default framework. This article delves into its purpose, amendments, submission process, and significance in facilitating taxpayers’ choice between old and new tax regimes. Discover how to apply for income exemptions using Form 10-IEA under the Income Tax Act. Understand eligibility criteria, filing procedures, and benefits to optimize your tax planning. Who shall file Form 10-IEA ? Rule 21AGA provides that an assessee having income from business or profession can opt out of the new tax regime of section 115BAC (1A) and switch to the old tax regime for a relevant year. Form 10-IEA is filed to exercise the option to withdraw from the concessional tax regime under section 115BAC (1A). Confused about which form to file for tax regime choice? Understand the differences between Form 10IE and Form 10IEA , filing dates, and more for informed decision-making.
