Form 10IE: Opting for the New Tax Regime

Introduction: Form 10IE facilitates opting for the new tax regime introduced in the Budget 2020. Key Features: Reduced Tax Rates. No Deductions or Tax Benefits. Choosing the Tax Regime: Decide before filing ITR. Submit Form 10IE to inform the IT Department.

Switching Between Regimes: For Business Income: Limited Flexibility. Submit Form 10IE to switch. For No Business Income: Annual Choice. No need for Form 10IE.

Submission Deadlines: Business Income: Before July 31. Salaried Income: Before or with ITR filing. Filing Process: Log in to the income tax portal. Access Form 10IE under 'Persons with Business/Profession Income'. Fill in personal, business, and IFSC unit details. Verify and e-verify to complete the process.

Contents of Form 10IE: Basic Details. Confirmation of Business Income. PAN, Address, Date of Birth. Nature of Business/Profession. Confirmation of IFSC Unit (if applicable). E-Filing Process: File electronically on the IT Portal. Submission Methods: Digital Signature Certificate. Electronic Verification Code.