Form 10-IEA
Purpose of the Form 10-IEA
FORM 10IEA serves crucial document introduce in Budget 2023. It facilitates to choose between the new and old tax regime.
Primary aim of this form to provide taxpayer, to choose old tax regime and new tax regime. Filing out form 10IEA by filing information like, PAN, name, assessment year, status of person, whether opting out or re-entering with regime provided under section (1A) of section 115BAC. Individual convey their preference through this form regarding applicable tax regulation.
Amendments in the Form 10-IEA
Form 10IEA replacing Form 10-IE which was utilised for choosing new tax regime until FY 2022-23. From the FY 2023-24 new tax regime is default tax new tax regime. It indicate that if no taxpayer not choose between old and new tax regime, new tax regime automatically applied and they will be automatically taxed under new regime.
When to Submit Form 10-IEA?
Form 10-IEA
Form 10-IEA mandatorily submit before deadline prescribed for filing Income tax Return which is 31st July. After filing form you will get acknowledgement number and this will help to track the status of form 10-IEA and for future reference.
Verification and Submission Process of Form 10-IEA
There should be proper verification and validation of this form. Verification of form 10-IEA can be accomplished by using Digital Signature (DSC) or electric verification code. This verification process helps to prevent from fraudulent activities and maintaining creditability tax records.
Discontinuation of Previous Form 10-IE
Discontinuance of old form 10-IE allows taxpayer to choose old tax regime with filing new form 10-IEA with Income tax Department.
Now Form 10-IEA introduce to adopting new tax regime as default tax regime. Earlier, form 10-IE introduced to choose the new tax regime and now discontinued this form.
Components of Form 10-IEA
- Provide full name of taxpayer as mentioned under PAN card
- Permanent Account Number (PAN)
- Relevant Assessment Year (AY)
- Choose old tax regime
- Taxpayers mention whether they are discontinuing or re-entering the default tax regime (It influences the tax deductions, tax rates, and exemptions made for their income).
- Also necessary to confirm whether individual has income under the head of “Business and Profession”.
- Also confirm that whether taxpayer has any unit in IFSC (international Financial Service Centre)
How to File Form 10-IEA?
Taxpayer can choose old tax regime for FY 223-24 or onwards by filing Form-10IEA online. x
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