If you earn from a business or profession and plan to switch to the old tax regime, you must fill out Form 10-IEA. The deadline to file your ITR is July 31. Since FY2023-24, the new tax regime has been the default tax regime.

Who Needs To Fill The Form?

Individual taxpayers, Hindu Undivided Family (HUF), Association of Persons (AOP) other than cooperative societies, and Body of Individuals (BOI) must fill out the form if they earn from a business or profession and wish to switch to a different tax regime.

To switch from one regime to another, you must file Form 10-IEA under Section 139(1) of the Income Tax Act. According to income tax rules, it can only be filled twice in a lifetime: once to opt out and once to opt in.

How To Fill Form 10-IEA?

In Form 10-IEA, the taxpayer must provide basic information such as name, PAN number, assessment year, current status, etc.

Also Read: HDFC Bank Hikes FD Interest Rates: Know The Rates Offered To Senior Citizens

Here is how to fill out the form:

Step 1: Visit the official income tax e-filing websites to login

Step 2: Go to the e-file/income tax returns/file income tax forms

Step 3: Select ‘Persons with Business/Professional Income (Form 10-IEA), and click ‘File now’

Step 4: On the 10-IEA page, select the assessment year and click ‘Continue’

Step 5: A new screen will open; click on ‘Let’s get started’ after checking the documents needed to fill the form

Step 6: Select ‘Yes’ for an income under ‘Profits and gains from business or profession’

(Note that individuals and HUFs without income from business or profession need not fill out this form. They only need to select the 10-IEA option’ while filing their ITR-1 or ITR-2)

Also Read: What Are FM Sitharaman’s EPFO Incentives For Employees And Employers?

Step 7: Select the relevant date from the ‘Due date applicable for filing the return of income’ options, and click ‘Continue’. A pop-up will appear for confirmation; click ‘Yes.’

Step 8: On the new page, click ‘Basic Information’. Check the pre-filled details and ‘Save the draft.’

Step 9: The following section is ‘Additional Information’. Fill in the necessary details and click ‘Save.’

Step 10: Fill the details in the ‘Declaration and verification’ section

Step 11: Review the details, edit if required, and click ‘Proceed to e-verify’

Step 12: Select the relevant verification option and click ‘Yes’ to submit the Form.

Once Form 10-IEA is successfully submitted, the screen will show the Transaction ID. Note it down, or if you want, you may download the form for future reference.