Switched to old tax regime while filing ITR; Can you withdraw or revoke after filing Form 10IEA?
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Switching to old tax regime
When submitting their income tax return (ITR), taxpayers can move from the new tax regime to the old tax regime, with the new tax regime being the default. Taxpayers can choose annually between the old and new tax systems. To change their preferred tax regime, taxpayers must fill Form 10IE while filing their ITR, which acts as a conduit for communication with the tax authorities.
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For AY 24-25, Taxpayer filed Form 10IEA by mistake and now wish to revoke it. Can taxpayer withdraw or revoke?
Once Form 10IEA is filed for AY 2024-25, then it cannot be revoked / withdraw in same AY, Taxpayer must mandatorily opt for the old tax regime for AY 2024-25. But option to ‘Withdraw’ will be available in subsequent year and it can be changed only once in a lifetime for Business and profession case i.e. (in case of ITR-3 or ITR-4).
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In which case filing of Form 10IEA for AY 2024-25 is compulsory to opt for old tax regime?
In the cases where taxpayer wants to file ITR under old tax regime for AY 2024-25 with Business and profession income i.e., either in ITR-3 or ITR-4, then filing of FORM 10IEA is mandatory.
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Taxpayer filed Form 10-IEA and submitting ITR with correct Form 10-IEA details, but still error?
Taxpayer to check and validate the Form 10IEA details under “view filed Forms’ after submission of Form 10IEA and then retry filing ITR after entering correct form filed details. Also, Taxpayer to make sure not to submit Form 10-IEA multiple times on the portal.
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Is there any requirement to file any form for claiming new tax regime as per provision of section 115BAD or 115BAE?
Taxpayers need to file Form 10IF for claiming new tax regime as per section 115BAD and Form 10IFA for claiming new tax regime as per section 115BAE.
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Is taxpayer required to file Form 10IF or 10IFA annually for claiming the new Tax Regime in ITR-5 return for Section 115BAD or Section 115BAE?
No. Taxpayer is not expected to file the form 10IF or 10IFA every year. Taxpayer is required to file the Form 10IF or 10IFA only once within due date as per section 139(1) in the year in which the taxpayer wants to opt for the new tax regime for the first time.