Form 10IEA for opting into old regime

In budget 2023, FM Sitharaman declared that the new tax regime will be the default regime from FY23-24 onwards. Until FY 22-23 if you had income from business or profession you had to file form 10IE to opt in/ out of the new tax regime. However, with the default switch to the new regime from FY 2023-24, Form 10-IE was withdrawn.

Now, as the new regime is made the default regime, the Income Tax Department (ITD) has introduced procedural changes for business owners and professionals, offering them the option to continue with the old tax regime for the financial year 2023-24.

To choose the old tax regime for the current financial year, you need to file form 10-IEA. This specific form will allow you to opt into the old tax regime and leverage the applicable tax exemptions and deductions.

Form 10-IEA needs to be submitted on or before the due date for ITR filing, i.e. 31st July.

Moreover, you will have only a one-time opportunity to switch back to the new tax regime. Once the switch is made, reverting to the old regime is no longer an option.

However, the condition only applies to individuals with business or professional income. If you don’t have such an income, you can select your preferred tax regime at the time of filing the ITR. There is no need to file form 10-IEA.

You can read more about Form 10IEA in the below article.

Have Questions? Ask em’ below!


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.

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Thank you maam for your prompt reply.

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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.

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

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