In Budget 2020, taxpayers were given an option to choose between the old and new tax regime. Under the new tax regime Form 10IE taxpayers have an option to pay lesser tax on the total income. That means taxpayers will not be allowed to claim the deductions and tax benefits in Form 10IE in income tax otherwise available in the old tax regime if the new tax regime is selected. The taxpayer has to make his/her choice before filing the Income Tax Return (ITR) of the relevant Financial Year (FY).
The option to select the new tax regime is only available for Individuals and Hindu Undivided Family (HUF).
As mentioned above, taxpayers have to make their selection in 10IE Form pdf before filing the relevant ITR. This selection needs to be communicated to the Income Tax Department before the ITR is filed. Let’s have a look at what is 10ie in income tax.
The Central Board of Direct Taxes (CBDT) has released Form 10IE of Income Tax to answer this question. In other words, any person who wishes to pay income tax as per the new tax regime has to communicate his/her choice to the Income Tax Department through form 10IE income tax. In case a taxpayer wants to opt-out of the new tax regime, the same form (10IE) needs to be submitted before filing the income tax returns for the relevant Financial Year (FY).
The basic details required to be entered in form 10IE applicability are;
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