Form 10IEA: Opting out of/Re-entering New Tax Regime

Individuals with business or professional income must complete Form 10IEA to opt for the old tax regime. Form 10IEA serves as a declaration indicating the preference for the 'Old Tax Regime'.

Taxpayers without business or professional income are automatically enrolled in the old tax regime. Submit Form 10IEA before filing the income tax return, typically by July 31 for individuals with business income.

Provide details such as Name, PAN, Assessment Year, and opting out/re-entering the New Tax regime. Electronic filing of Form 10IEA is mandatory, accessible via the IT Portal.

Use a digital signature certificate or electronic verification code for filing convenience. Digital platforms streamline the transition to the Old tax regime, ensuring compliance and embracing digitalization benefits.