ITR filing: Is Form 10IEA mandatory for taxpayer having Business Income?

New Delhi: Form 10IEA is mandatory for Income Tax payers who select income from business and profession in Income Tax Return (ITR) filed according to the old tax regime. If tax payers don’t submit Form 10IEA in ITR filing, then those individuals will have to perform ITR filing according to the new tax regime. The new tax system is the default option for all types of income tax payers including those who show their earnings under the head income from business and profession. For such tax payers, Form 10IEA is mandatory if they need to change the default tax option from new to old. The form is mandatory even when they had earlier opted out of new tax regime and again want to re-enter.

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How to file Form 10IEA for AY 2024-25

According to information given on the Income Tax e-Filing Portal, a tax payer needs to follow the below given steps to successfully file Form 10IEA for AY 2024-25

Go to the Income Tax e-Filing Portal https://www.incometax.gov.in/iec/foportal/
Click on ‘Login’
On login page enter your user ID and password
On your Dashboard, go to ‘e-File menu’
Select ‘Income Tax Forms’
Click on ‘File Income Tax Forms’
On the new page that throws open, go to ‘Persons with Business/Professional Income’
Select the option ‘Form-10IEA’
Select AY25 on the Form 10IEA page
Click on ‘Let’s Get started’
Select ‘Yes’ under option – “Income under the head ‘Profits and gains from business or profession during the assessment year.”
Then select due date for filing the ITR
Click on continue
Then, you will have to confirm three different sections of the Form 10IEA
These three sections are
Basic Information
Additional Information
Declaration and Verification
So, first you will have to click on ‘Basic Information’
Cross check all pre-filed details on the basic information section
Then click on ‘Opting Out’ if you want to opt out of new tax regime
Or, click on ‘Re-entering’ if you need to re-enter the new tax system
Then, click on save draft
Then you will have to confirm additional information section of the form
If you have opted out of new tax regime, then, you don’t need to select details under additional information section, just click on confirm and go to the next page
The next section is ‘Declaration’ and ‘Verification’
Fill the necessary details in Declaration and verification section of the form, and click on save.
Mention all relevant information asked for self-declaration
Then, click on ‘Proceed to e-verify’
Select relevant options under the e-Verify’ section
Then, click on “Continue”
After verification Click on Yes to Submit the Form

 According to the Income Tax Department, taxpayer having Business Income can use Form 10 IEA to “Opt out or Re-enter” in the New Tax Regime.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today