Discover essential FAQs about filing Form 10IE for opting the new tax regime. Learn about deadlines, mandatory requirements, consequences of non-filing, and solutions to common submission issues. Ensure a smooth income tax return process.
Filing income tax returns is a crucial task for every taxpayer, and understanding the specific forms and deadlines is essential. Form 10IE is one such form that taxpayers need to be aware of, especially if they wish to opt for the new tax regime and have income under the head “Profits and Gains of Business and Profession.” In this article, we will address frequently asked questions about Form 10IE, including when to file it, its mandatory nature, consequences of not filing it, and solutions to common submission issues.Q; When should I file Form 10IE?
Ans: Form 10IE has to be filed before filing your Income Tax Return.
Q; Is Form 10IE mandatory to file?
Ans; Yes, it is mandatory to file Form 10IE if you want to opt for new tax regime and have Income under the Head “Profits and Gains of Business and Profession.”
Q; What will happen if Form 10IE is applicable to me and I fail to file before filing ITR?
Ans; In case you do not file form 10IE before filing your ITR, you can not opt for new tax regime.
Also Read: Form 10BB FAQs (A.Y. 2023-24): Common Questions Answered
Q; While submitting the form 10IE, displays “Invalid Input” or “Submission Failed!”. What should I do?
Ans; Before, filing Form 10-IE please update “Contact Details” (or “Key Person Details” in case you are an HUF) under “My Profile” and ensure that all mandatory fields are filled.
After updating your Contact details from your profile, you can re-login and try again.
Q; While filing Form 10IE, the AO details or Date of Birth/ Incorporation getting pre-filled. What should I do?
Ans: Please delete the old draft of the form by clicking on “Delete Draft” and try re-submitting Form 10-IE.
Q; While submitting the form 10IE, designation of Karta of HUF is not getting pre-filled under Verification tab. What should I do?
Also Read: Form 10B FAQs (A.Y. 2023-24): Answers to Common Questions
Ans; You are requested to update the “Key Person Details” under “My Profile” section. Re-login to the e-Filing portal and try again.
Q; I do not have any business income. While filing Form 10IE, I am unable to select “No” under “Basic Information” tab. What should I do?
Ans; In case you don’t have any business income and are required to file ITR 1/ ITR 2, there is no need to file Form 10-IE in order to opt for the new tax regime under Section 115BAC of the Income Tax Act, 1961. The option to exercise the benefit under Section 115BAC, in case you have business income, can be claimed while filing the respective ITR form (ITR 1/ ITR 2).
Form10IE filed during the filing of return for asst year 2022 -23 but by mistake in Form 10IE asst year choosen as 2021–22 and got filed, I do not know how system allowed to file 10IE beyond due date.
Is there any way out to seek correction in filed Form 10IE
I have a query regarding new Tax regime: 1. I have filed Tax return for FY 22-23 (AY 2023-24) after due date and availed new tax regime, but i have received notices from Income Tax department stating new tax regime is not applicable as you have filed form 10IE after due date and hence you will be taxed as per old regime and i have paid tax for the same.,i have filed my return in new regime as i have already filed 10IE iafter due date at time of filing return . Department has not processed my return , its under process , What to do now , I know that depatment will consider tax in old regime and process my return with demand . can Any solution in regard ?
I have a query regarding new Tax regime: 1. I have filed Tax return for FY 21-22 after due date and availed new tax regime, but i have received notices from Income Tax department stating new tax regime is not applicable as you have filed form 10IE after due date and hence you will be taxed as per old regime and i have paid tax for the same. In FY 22-23 i have filed my return in new regime as i have already filed 10IE in previous year and not be able to file for FY 22-23 again, but this time also Income Tax department issue notice and disallowed the return on the same ground, kindly let me know is there any way i can get out of this.
Any dolution
I have a query regarding new Tax regime:
1. I have filed Tax return for FY 21-22 after due date and availed new tax regime, but i have received notices from Income Tax department stating new tax regime is not applicable as you have filed form 10IE after due date and hence you will be taxed as per old regime and i have paid tax for the same. In FY 22-23 i have filed my return in new regime as i have already filed 10IE in previous year and not be able to file for FY 22-23 again, but this time also Income Tax department issue notice and disallowed the return on the same ground, kindly let me know is there any way i can get out of this.
Form 10 IE was filed by inadvertant mistake before filing ITR 1 under new tax regime for salary and interest income for AY 2023-24. ITR 1 was filed on 24.06.23. Processing is pending. What to do now? This is a refund case for Rs.39000/-. Please advice urgently.
Last year forgot to file 10IE form and business income means only the speculative business i.e. intra day activity last year.. but now there is no option to file last years 10IE form to filled.. only this AY2023 24 is alllowed.. what to do now?
FORM 10IE WAS FILED FOR ASSESSMENT YEAR 2021-2022 IN CASE OF RETIRED GOVT EMPLOYEE, AND IN ASSESSMENT YEAR 2022-2023 HE HAS NOT FILED THE ITR TILL DATE, IN THIS SITUATION HE FILED THE ITR FOR THE ASSESSMENT YEAR 2022-2023 IN NEW TAX REGIME ? BECASUE IN CASE OF SALARY OR PENSION INCOME FORM 10IE IS NOT MANADOTRY FOR EVERY YEAR FILE.
business return filed 10 IE BEFORE JULY23 BUT WANT FILE AFTER DUE DATE IN SEPTEMBER 23..CAN HE WILL GET BENEFIT OF TAX AS PER NEW TAX REGIME
Sir
In Form 10- IE IN SECTOR AND SUB SECTOR FIELD, Save option is not working what I have to do, pls guide me
The comment posted by me already may ignored; By default the returns are to be filed under NTR; but now they insist that Form is to be filed to opt for NTR itself.
While presenting the Budget it was said that by default the returns will be filed in Old tax Regime and for filing under New Tax Regime one has to opt for it. Now for filing under NTR the form is insisted.