As the Income Tax Return (ITR) season kicks off, taxpayers are once again faced with the choice between the new and old tax regimes. While the new regime is now the default option (since FY 2023-24), many individuals—especially those with business or professional income—may still find the old regime more beneficial due to its wide range of deductions and exemptions.
If you’re planning to stick with the old tax regime for FY 2024-25 (AY 2025-26), and you have business/professional income, Form 10-IEA is the form you need to file. Here’s everything you need to know.
Form 10-IEA is a declaration form that allows eligible taxpayers to opt out of the new tax regime and continue under the old tax regime. This becomes necessary because the Income Tax Department now considers the new tax regime as the default for all taxpayers.
So, if you want to claim deductions under sections like 80C, HRA, home loan interest, etc., and you have business or professional income, filing Form 10-IEA is mandatory.
ou are required to file Form 10-IEA if:
You are an Individual, HUF, AOP (other than co-operative societies), BOI, or Artificial Juridical Person, and
You have income under the head ‘Profits and Gains of Business or Profession’, and
You are filing ITR-3 or ITR-4.
If you do not have business or professional income (e.g., salary, house property, or capital gains), you can opt for the old regime directly in your ITR (such as ITR-1 or ITR-2). Form 10-IEA is not required in that case.
Form 10-IEA must be filed on or before the due date for filing your return under Section 139(1):
For most individuals (not subject to audit): 15th September 2025
For businesses subject to audit: 31st October 2025
⚠️ Tip: File Form 10-IEA before filing your ITR. You’ll need the acknowledgement number of the form for your return.
Filing is fully online through the Income Tax Department’s e-filing portal. Here’s how:
Visit incometax.gov.in
Log in using your PAN and password
New user? Register first.
Go to the ‘e-File’ menu
Click ‘Income Tax Forms’ > ‘File Income Tax Forms’
Search for Form 10-IEA in the list or search bar
Click ‘File Now’
Answer ‘Yes’ if you have income under Profits and Gains of Business or Profession
Also, choose your applicable due date (based on audit status)
Confirm that you’re opting out of the new tax regime
Pre-filled PAN, name, etc. Review carefully.
Select whether you’re opting out for the first time or re-entering the old regime.
Click ‘Save’
Relevant only if you have income from IFSC units.
If not applicable, this section will be inactive or greyed out.
Confirm all details
Agree to terms
Click ‘Save’
Preview the form before proceeding
Choose any one method:
Aadhaar OTP
Digital Signature Certificate (DSC)
Electronic Verification Code (EVC)
After verification, click ‘Yes’ to submit
On success, you’ll get:
Transaction ID
Acknowledgement Number
Save or download a PDF copy under ‘View Filed Forms’
🔸 File Before ITR: Always file Form 10-IEA before your Income Tax Return, especially if you’re reporting business/profession income.
🔸 One-Time Opt-Out: Generally, opting out of the new regime is a one-time option for business/profession taxpayers. Once opted out, you continue under the old regime in future years—unless you switch back, which is permitted only once in a lifetime.
🔸 Accuracy Matters: Double-check all entries before submission. Errors can delay processing or invite notices.
🔸 Keep a Record: Always download and store a copy of the filled Form 10-IEA and acknowledgement number.
Form 10-IEA is more than just a declaration—it’s your formal gateway to continuing with the old tax regime and availing yourself of valuable tax deductions. If you’re a taxpayer with business or professional income and plan to stay in the old regime for FY 2024-25, filing this form on time is essential.
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