In FY 2022-23 the old tax regime was announced as the default tax regime. Those taxpayers willing to choose the New tax regime<\/strong> must have to file Form 10-IE electronically. But in FY 2023-24 the new tax regime was announced as the default tax regime. And now those taxpayers willing to choose the New tax regime<\/strong> must have to file Form 10-IEA electronically and this action make Form 10-IE which was earlier employed to opt for the new tax regime has now been discontinued<\/p>\n\n\n\n Purpose of Filing Form 10-IEA<\/strong><\/strong><\/p>\n\n\n\n let\u2019s understand the purpose of Form 10IEA<\/strong>.<\/p>\n\n\n\n How to File Form 10-IEA<\/strong><\/strong><\/p>\n\n\n\n Follow these steps for filing Form 10-IEA online:<\/p>\n\n\n\n Step 1:\u00a0<\/strong>Login on the\u00a0e-filing portal\u00a0<\/p>\n\n\n\n Step 2: <\/strong>On the dashboard, click \u2018e-File\u2019 > \u2018Income tax forms\u2019 > \u2018File Income Tax Forms\u2019<\/p>\n\n\n\n Step 3: <\/strong>Scroll down to select Form 10-IEA. Alternatively, enter Form 10-IEA in the search box. Click on \u2018File now\u2019 button to proceed.<\/p>\n\n\n\n Step 4: <\/strong>Select the Assessment Year for which you are filing the return. For eg: If you are filing taxes for the income earned in FY 2023-24, then select AY 2024-25. <\/p>\n\n\n\n Step 5:<\/strong> After checking the documents required for filing the form click on ‘Let’s Get Started’.<\/p>\n\n\n\n Step 6: <\/strong>Select “Yes”<\/strong> if you have Income under the head \u201cProfits and gains from business or profession\u201d during the assessment year. <\/strong>Select the due date applicable for filing of return of income and click on continue.<\/p>\n\n\n\n Note: <\/strong>Use \u201chelp document\u201d by clicking on help document hyperlink for the help for selecting the applicable due date.<\/p>\n\n\n\n Step 7: <\/strong>Click \u2018Yes<\/strong>\u2019 to confirm the selection of the regime.<\/p>\n\n\n\n Step 8: <\/strong>Form 10-IEA has 3 sections. Verify and Confirm each section. They are as follows:<\/p>\n\n\n\n i. Basic Information: <\/strong>In Basic Information <\/strong>section, your basic information will be pre-filled. If you are filing form for the first time then opting out option will be auto-selected and if system has valid form with opting out option, then re-entering option will be auto-selected. Click on \u2018Save\u2019 button.<\/p>\n\n\n\n ii. Additional Information: <\/strong>Fill the necessary details in Additional information section related to IFSC unit (if any) and click on \u2018Save\u2019.<\/p>\n\n\n\n <\/strong>If you are opting out of new Tax regime this Additional Information panel will be greyed off<\/p>\n\n\n\n iii. Declaration and Verification: <\/strong>Verification section contains self-declaration where you will be required to check the boxes and agree to the terms and conditions. Verify whether all the details are correct and save the information. Once done, click on \u2018Preview\u2019 to review Form 10-IEA.<\/p>\n\n\n\n Step 9: <\/strong>After reviewing all the information, \u2018Proceed\u2019 to e-verify’. You can e-verify either through:<\/p>\n\n\n\n Step 10: <\/strong>After verification Click on ‘Yes’ to submit the Form.<\/p>\n\n\n\n Step 11: <\/strong>After successful e-Verification, a success message is displayed along with a Transaction ID and an Acknowledgement Receipt Number. Please keep a note of the Transaction ID and Acknowledgement number for future reference. You can also download the form and locate the acknowledgment number. Form 10-IEA is required to fill by individuals or HUFs those want to continue with the old tax regime in the present financial year ie FY 2023-24. The\u00a0Budget 2023\u00a0proposes that from FY 2023-24, the new tax regime will be considered the default tax regime. By filling Form 10-IEA, taxpayers can\u00a0choose the\u00a0old tax regime. They must […]<\/p>\n","protected":false},"author":2,"featured_media":1136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"_links":{"self":[{"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/posts\/1121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/comments?post=1121"}],"version-history":[{"count":2,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/posts\/1121\/revisions"}],"predecessor-version":[{"id":1138,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/posts\/1121\/revisions\/1138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/media\/1136"}],"wp:attachment":[{"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/media?parent=1121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/categories?post=1121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consultcaonline.com\/index.php\/wp-json\/wp\/v2\/tags?post=1121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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To download the filed form, go to \u2018e-File\u2019 \u2192 ‘Income Tax Forms’ \u2192 ‘View Filed Forms’.<\/p>\n\n\n\n![\"\"](\"https:\/\/consultcaonline.com\/wp-content\/uploads\/2024\/06\/image-13.png\")
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