Form 10-IEA – Verification, Due Date and How to File Form 10-IEA

Introduced as a replacement for Form 10-IE, Form 10-IEA is essential for taxpayers who prefer the old tax regime over the new one. Filing this form ensures that taxpayers can continue to claim deductions and exemptions available under the old regime. Understanding the form’s purpose, due date, and filing process is vital for avoiding penalties and ensuring compliance with tax laws.

Form 10-IEA is a declaration form that allows taxpayers to opt out of the new tax regime introduced under Section 115BAC of the Income Tax Act. This form is applicable for Assessment Year (AY) 2024–25 onwards. Taxpayers filing this form can continue availing deductions and exemptions available under the old tax regime.

The primary purpose of Form 10-IEA is to allow taxpayers to declare their intent to opt out of the new tax regime and continue with the old regime. The new tax regime, while offering lower tax rates, eliminates many deductions and exemptions. Taxpayers who find the old regime more beneficial can file Form 10-IEA to retain these benefits.

Taxpayers eligible to file Form 10-IEA include:

• Individuals and Hindu Undivided Families (HUFs) who wish to opt out of the new tax regime.
• Taxpayers who find the old tax regime more beneficial due to the availability of deductions and exemptions.
• Salaried individuals and professionals who wish to continue claiming exemptions like HRA, standard deductions, and others under the old regime.

The due date for filing Form 10-IEA is the same as the due date for filing your income tax return (ITR). For most taxpayers, this is 31st July of the assessment year. Missing this deadline can lead to penalties and may result in the taxpayer being automatically placed under the new tax regime for that financial year.

Verification of Form 10-IEA is a straightforward process:

1. Log in to the Income Tax e-Filing portal using your credentials.
2. Navigate to the “e-Verify” section after submitting Form 10-IEA.
3. Use Aadhaar OTP, Net Banking, or Digital Signature Certificate (DSC) to complete the verification process.
4. Ensure all supporting documents, such as proof of income and deductions, are accurate and up to date.

Proper verification ensures that your declaration is valid and accepted by the Income Tax Department.

Form 10-IE was discontinued to streamline the process of opting out of the new tax regime. The introduction of Form 10-IEA simplifies compliance and ensures better alignment with the Income Tax Act for AY 2024–25 onwards. The change reflects the government’s effort to make tax filing more efficient for taxpayers.

Filing Form 10-IEA online is quick and user-friendly. Follow these steps:

1. Visit the Income Tax e-Filing portal and log in using your PAN and password.
2. Navigate to the “e-File” section and select “Income Tax Forms.”
3. Choose Form 10-IEA from the list of available forms.
4. Fill in the required details, including your income, deductions, and exemptions.
5. Submit the form and proceed to the “e-Verify” section to complete the verification process.

Ensure all details are accurate to avoid delays or rejections.

Filing Form 10-IEA is a critical step for taxpayers who wish to opt out of the new tax regime and continue with the old regime. Timely filing and proper verification ensure compliance with tax laws and help taxpayers maximise their benefits. If you are unsure about the filing process, consider seeking professional assistance to avoid errors and penalties.