1. From which Assessment Year Form 10-IEA is applicable?
Form 10-IEA notified vide Notification No. 43/2023 dated 21st June 2023 is applicable from Assessment Year 2024-25 onwards i.e. for A.Y. 2024-25 and upcoming years.
2. Who can file Form 10-IEA on e-filing portal?
The Form can be filed by Individual, Hindu Undivided Family (HUF), Association of persons (other than a co-operative society), Body of individuals (BOI), Artificial juridical person referred u/s 2(31)(vii) (AJP) having Income from Business or Profession.
3. Why do I need to submit Form 10-IEA?
You will be required to submit Form 10-IEA if you want to opt out / re-enter new tax regime and have Income under the Head “Profits and Gains of Business and Profession.”
4. What are the modes in which Form 10-IEA can be submitted?
Form 10-IEA can only be submitted online on the e-Filing portal.
5. How can Form 10-IEA be e-verified?
The taxpayer can E-Verify the form using Aadhaar OTP, EVC or DSC. You can refer to How to E-Verify user manual to learn more. (link for user manual should be provided here).
6. Can I add an Authorized Representative to file Form 10-IEA on my behalf?
Yes, you can add an Authorized Representative to file Form 10-IEA on your behalf. You can refer to ‘Authorize / Register as Representative User Manual’ to learn more. (link for user manual should be provided here).
7. What is the time limit for filing Form 10-IEA?
From 10-IEA should be filed on or before the due date of filing of return as specified u/s 139(1) of the Income Tax Act, 1961. If taxpayer files the form after the due date e, the form will be treated as Invalid.
8. Can I submit Form 10-IEA after filing of Income Tax Return?
In order to get the benefit of filing of Form 10-IEA, it is advisable to file the form before filing of Income Tax Return. Acknowledgement Number and date of filing of Filed Form 10-IEA are required to be provided in the Income Tax Return.
9. While submitting the form 10-IEA, designation is not getting pre-filled under Verification tab. What should I do?
You are requested to update the “Key Person Details” under “My Profile” section. Re-login to the e-Filing portal and try again.
10. I do not have any business income. While filing Form 10-IEA, I am unable to proceed further if I select “No” for “Do you have income under the head “profits and gains from business or profession” during the assessment year”. What should I do?
In case you don’t have any business, income and are required to file ITR 1/ ITR 2, then there is no need to file Form 10-IEA to opt out/ re-enter the new tax regime under Section 115BAC(1A) of the Income Tax Act, 1961. In such case, the option can be exercised while filing the respective ITR form (ITR 1/ ITR 2) on or before the due date specified under section 139(1) of the Income Tax Act, 1961.
11. What should I select for “Due date applicable for filing the return of income”?
You have to select due date applicable for filing the return of income u/s 139(1) of the Income Tax Act, 1961. You can refer to ‘help document’ available on the screen and select applicable option for filing Form 10-IEA
12. Should I need to file Form 10-IEA for every year to ‘opt out’ of new tax regime?
In case you (as a person having business/ professional income) ‘opted out’ of new tax regime in earlier Assessment Year and you want to continue the old tax regime in ITR, you don’t need to file the Form 10-IEA every year. However, persons not having business/ professional income can change tax regimes each year directly in ITR.
13. Form 10-IEA is applicable on me and now I want to withdraw the option of old tax regime in my ITR. What is the procedure for the same?
In case you opted old tax regime in earlier Assessment Year and you want to ‘re-enter’ the new tax regime, then you need to file Form 10-IEA for withdrawal of option in the form for the current assessment year.
14. I exited the old regime in form 10-IEA in previous Assessment Year by filing the form with re-entering option. Can I again exercise the option of old tax regime in Form 10-IEA?
In case you have exited from Old tax Regime after once entering it, you will never be eligible to exercise the option of old tax regime again except when you cease to have income from business or profession.
15. I wanted to opt out of new tax regime in Form 10-IEA, but I filed Form 10-IEA after due date of Income tax return. Will I get the benefit of old tax regime?
In case you want to opt out of new tax regime and you fail to file the form within due date, you will not be eligible to get the benefit of old tax regime in your ITR.
16. I have filed Form 10-IEA and the status of the form is Invalid Form. What should I do?
In case you have filed Form 10-IEA after the due date of income tax return, the status of the form will be Invalid Form. In that case, Form can be filed in subsequent Assessment Year afresh.
17. The status of the filed Form 10-IEA has been changed from ‘Valid Form’ to ‘Invalid Form’. What should I do?
In case correct due date has not been selected while filing of Form 10-IEA, which is applicable for filing your Income Tax Return and your filed Form 10-IEA was not accepted for processing of ITR due to filing of said form after the due date of ITR. In such case, the status of form will get changed to "Invalid Form". In such circumstance, Form 10-IEA can be filed afresh in subsequent Assessment Year.
18. Can I revise or modify Form 10-IEA after submission?
No, revision of Form 10-IEA is not allowed. Also, Form 10-IEA, once filed, cannot be withdrawn in same year.
19. How can I check the status of Form 10-IEA after filing?
You can check the filing status of Form 10-IEA by logging into the Income Tax e-Filing portal. Filed form details can be viewed under e-file tab----> Income Tax Forms---->View filed forms---->search for Form 10-IEA and check the status whether it is valid or invalid
20. What happens if I change my income source to business/ profession later? Do I need to fill out the 10-IEA form again?
Yes, in case source of income is changed to business and profession later and taxpayers wants to opt for old tax regime then Form 10-IEA is required to file within the applicable due date as per section 139(1) of the Act.
21. Can I switch between old and new tax regimes every year?
Taxpayers having income other than Business or profession can switch between old tax regime or new tax regime every year while filing return of income within the due date as per section 139(1) of the Act. Taxpayers having income from Business and profession can opt for old tax regime after filing Form 10-IEA within due date u/s 139(1) and then can switch back to new tax regime only once after filing Form 10-IEA again with Re-enter option.
