Individuals with business or professional income must notify the IT department by filing a Form 10-IE if they wish to switch from the old tax system to the new tax system by July 31, 2023, and only then must they file their income tax returns. must be submitted. He must enter the date of submission of Form 10-IE and the confirmation number of the submission into the ITR.
Individuals with salary income only do not need to complete Form 10-IE.. Simply select the option based on 115BAC when filing your ITR 1 or ITR2.
Individuals with business/professional income who wish to revert to the old tax system must also file Form 10-IE. If you go back to the old system, you can’t go back to the new system under the current rules.
1. To file Form 10-IE, log in to the Income Tax Portal and go to the following link. Electronic Files > Income Tax Forms > Income Tax Form File
Search for the form or scroll to the second page to see its list.
Once you have selected your form and selected the relevant AY, you will need to complete four sections.
1. Evaluator (evaluator details) β pre-populated.
2. Basic Information (Enter Name, PAN, and Address details) β You must enter the nature of your business or profession, and sub-sector. Anyone who regularly submits ITR4 or ITR3 will be familiar with these things.
3. Additional Information (IFSC Units (if any) and details of options exercised on 115BAC)
-
- Select Y/N: The individual/HUF has units in the International Financial Services Center (IFSC) as described in subsection (1A) of Section 80LA.
- Select Y/N: Select whether the option under clause (i) of subsection (5) of BAC Section 115BAC was exercised on Form 10-IE in an earlier year and is now withdrawn . This is to check if a new regime switch has happened before and if the current application will switch back. Select N if this is your first time choosing a new tax regime.
4. Declaring and verifying the switch in the same way as ITR via OTP or other methods.
In summary, anyone with business or professional income must file Form 10-IE by 2023-24 if they wish to switch to the new tax system or revert to the old tax system. Submission details should be entered in her relevant ITR. Salarymen don’t have to do that.
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