Form 10IEA for opting into old regime

In the Budget 2023, the new tax regime was declared as the default. However, you still have the option to choose between the old and new tax regimes, and opt for the one that is more beneficial.

While most of us can simply select the preferred regime while filing the ITR, individuals with business/professional income need to file Form 10-IEA if they want to opt for the old regime.

Here’s the step-by-step procedure:

  1. Submit Form 10-IEA on the e-filing portal. You’ll have to fill in basic details like the assessment year, name, PAN, etc. and declare that you want to go with the old regime.

  2. Once submitted, you’ll get an acknowledgement number.

  3. Add the acknowledgement number and date of filing in your ITR form.

Here are a few key considerations:

  • Form 10-IEA is only applicable to individuals and HUFs with business/professional income.

  • This form needs to be filed if you are opting for the old regime. If you wish to opt-out, you’ll have to file the form again.

  • You can only file this form twice in your lifetime: once for opting in and once for opting out. This means that once you opt-out, you cannot go back to the old regime ever.

  • You MUST file it on or before the ITR filing due date, i.e., 31st July.

Remember, this is only applicable for individuals/HUFs filing ITR-3 or ITR-4 with business/profession income. If you just have salary income or capital gains, you can simply select the regime when filing your ITR, and you also have the option to switch regimes every year.

Have Questions? Ask em’ below!

3 Likes

My wife is filing ITR-4 (Old regime) Professional Income - last 3 years and presumptive income 50% deducted Rs 2,50,000 (after deduction). She has 80C exemption and 80D etc. Can she file same Old Regime for AY2024-2025 without 10-IEA etc. Please confirm

Hey @Srikanth,

The new regime is made default from FY 23-24 onwards and if you have income from business/profession, you need to file Form 10-IEA to opt into old regime.

1 Like

Thank you maam for your prompt reply.

1 Like

hi,

From FY 18- FY 22, I was filing under old regime- ITR 1 (salaried).

Then FY22-23, I filed New regime ITR 3 (Salaried & Business(Trading income))

So for next financial year, can i revert it back to old regime ITR 3 which has lot of deduction benefits ?

Hey @Justin,

The new regime has been declared the default regime from FY 23-24 onwards. If you have income from business/profession, you will have to file form 10-IEA to opt into old regime. Moreover, if you again opt out of the old regime, you will not be able to opt back into it.

Hope this clarifies.

Hi Maam , Getting error while submitting Form 10-IEA -Invalid input. Please suggest how to rectify this error.

There are only two inputs are being asked in Form 10-IEA
( 1) If you have Income under the Head PBG & (2) is the date applicable for filing the return.

If audit is not applicable tick on 31st July , otherwise 31st Oct .
In my case , audit is not applicable & its accepted the date and I could proceed further.

Just check the audit applicability vis-a-vis date applicable for filing the return .
Hope this will resolve the issue and error will get rectified by entering correct return filing date.

1 Like

Thank you maam. May be some cookies in my laptop. It is showing Submission Failed. Will try again

1 Like


Hi Maam

Now i submitted Form 10- IEA and received the Acknowledgement Number as well. Whilst preparing ITR-4 (OTR) - Where we need to provide the Acknowledgement number of Form 10 IEA. There is another asking Date of Filing ??? Is that Date of filing Form 10-IEA or ITR-4. Which date do we need to update their.

Kindly clarify.

Hey @Srikanth,

You need to enter the date on which Form 10-IEA was filed.

Hope this helps!

1 Like

Thanks a lot maam and for the clarification.

Last year (FY22-23 AY 23-24) I filed ITR3 under Old tax regime. Now if I want to continue to file in the old tax regime should I file form 10IEA since New tax regime is the default Scheme. When contacted chat box of IT department they said you may file it. While filing form 10IEA online should I state that I am opting out of the new regime. Please clarify.

Hey @Venkat,

Yes, you can continue with the old tax regime. However, you will have to file Form 10-IEA to opt for the same if you have income from business/profession.

In case you don’t have income from business/profession, you can simply opt for the old regime while filing your ITR.

I want to fill itr2 but while selecting itr2 its pop up showing new regime is default, so i filled 10iea for to opt out from new to old regime. I got 10iea ack number but when i try to fill itr2 then again showing same pop up default regime is new, is it taking time to reflect entry of 10iea,
Please guide