What is Form 10IE?

Form 10IE is an online declaration form that taxpayers submit to the Income Tax Department to opt for the new tax regime for a particular financial year. It informs the department about their preference and provides details of any eligible deductions, exemptions, and allowances they are opting out of under the new regime.

Who Needs to File Form 10IE?

• Individuals and Hindu Undivided Families (HUFs) with income from business or profession (filed under ITR-3 or ITR-4) who want to opt for the new tax regime.
• Individuals without business or profession income can directly choose the new regime while filing their ITR (either ITR-1 or ITR-2) without needing Form 10IE.

Key Benefits of Filing Form 10IE:

1. Lower Tax Rates: The new tax regime offers lower tax slabs compared to the old regime, potentially reducing the taxpayer’s overall tax liability.
2. Simplified Tax Filing: The new regime eliminates various deductions and exemptions, making tax filing simpler and faster.

Important Things to Remember:

1. Filing Deadline: Form 10IE must be filed before submitting your Income Tax Return (ITR) for the relevant assessment year.
2. Choice is Final: Once you opt for the new regime via Form 10IE, you cannot switch back to the old regime within the same financial year.
3. Acknowledgment Number: After successful submission, you will receive a 15-digit acknowledgment number, which must be mentioned when filing your ITR under the new