ITR filing 2025: Choosing old tax regime? Form 10-IEA is mandatory -- check details

ITR filing 2025: As the income tax department has released ITR-1, ITR-3, ITR-4, and ITR-5 forms, the filing of income tax returns for AY 2025-26 (FY 2024-25) is imminent. When filing their ITR, salaried individuals, professionals, and pensioners will need to decide between the New Tax Regime and the Old Tax Regime. If opting for the default New Tax Regime, minimal action is required. However, those opting for the Old Tax Regime will need to complete Form 10-IEA.

Form 10-IEA is a declaration used by taxpayers who choose to opt out of the New Tax Regime. Individuals, HUFs, AOPs (excluding co-operative societies), BOIs, or Artificial Juridical Persons with business or professional income must submit Form 10-IEA to revert to the old tax regime. It is essential to submit the form before the deadline for filing income tax returns.

How to fill up Form 10-IEA 

To file Form 10-IEA, taxpayers must have income from business or profession and file ITR-3 or ITR-4. Those without such income can opt out of the new regime by selecting the "Opting out of new regime" option in the ITR form.

Taxpayers must provide their full name as per the PAN card and other official documents.

They should mention the applicable assessment year when choosing the old tax regime, aligning it with the fiscal year under assessment. For instance, opting for the old tax regime in FY 2023-24 means the applicable assessment year is AY 2024-25.

Taxpayers must specify if they are discontinuing or re-entering the default tax regime. This decision impacts the tax deductions, rates, and exemptions applied to their income.

The discontinuation of a tax regime must be clearly stated along with the commencement date of the new regime.

Verification regarding the individual's income falling under the category of "Profits and Gains of Business and Profession" is essential.

A straightforward confirmation in ‘yes/no’ is required for the presence of any units in IFSC (International Financial Service Centre) as per sub-section (1A) of Section 80LA. If affirmative, detailed information about the unit should be provided.

The taxpayer's address, date of birth, type of business/profession (mandatory for business income), details of Form 10-IE previously submitted, and a formal declaration are also necessary.

Who needs to fill Form 10-IEA

Individuals who receive income from their profession or business must file Form 10-IEA by the deadline specified in Section 139(1). This submission is essential for transitioning from the new tax regime to the previous one.

The choice made on the form will determine the tax rules and regulations that apply to the taxpayer. Filling out Form 10-IEA requires providing important information like PAN number, assessment year, name, and current status. These details assist in effectively organizing and identifying taxpayer data.