ITR Filing 2025: Opting for old tax regime? Here's why Form 10-IEA is a must
It's that time of the year again when taxpayers gear up to file their income tax returns. For the financial year 2024–25 (assessment year 2025–26), the Income Tax Department has already released ITR-1, ITR-3, ITR-4, and ITR-5 forms. Now, if you're planning to go with the old tax regime instead of the default new regime, there's an important step you must not miss, i.e., filing Form 10-IEA.advertisementThis form is a must for certain taxpayers who wish to switch back to the old regime. Let us know more about this form.WHAT IS FORM 10-IEA?Form 10-IEA is a declaration form for those who do not want to follow the new tax regime. If you earn income from a business or profession, and you wish to continue with the old tax regime (which allows various deductions and exemptions), this form is essential.
Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), or Artificial Juridical Persons with such income must submit Form 10-IEA before the due date for filing their ITR.On the other hand, salaried individuals or pensioners without business or professional income don't need to file this form. They can opt for the old tax regime by simply selecting the appropriate option in their ITR form.WHO MUST FILE IT?advertisementTo file Form 10-IEA, taxpayers need to have business or professional income and must use ITR-3 or ITR-4.Others can simply choose the "Opting out of new regime" option while filing their ITR. The form must be submitted within the deadline set by Section 139(1).Skipping this step could mean being taxed under the new regime, even if you wanted to claim benefits allowed under the old one.HOW TO FILL FORM 10-IEATo complete Form 10-IEA, you'll need to enter some essential information. This includes your full name as per PAN, and the correct assessment year (such as AY 2025–26 for income earned in FY 2024–25).It's important to state whether you're discontinuing or returning to the default tax regime, as it determines how your income will be taxed, including what exemptions and deductions you can claim. If you are switching regimes, you must also mention the date from which the new regime applies.Those with business or professional income need to confirm that their earnings fall under "Profits and Gains of Business or Profession."A simple yes/no confirmation is needed for owning any units in an International Financial Service Centre (IFSC), and if the answer is yes, further details must be given. Other important information includes the taxpayer's address, date of birth, PAN, type of business or profession, any earlier Form 10-IE filed, and a declaration to complete the process.
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