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As The Financial Year End Is Approaching, Many Assessee Are In Ambiguity Regarding The Forms To Be Filed By Them For Choosing The Tax Regime For Their Benefits. This Article Delves into The Meaning, Purpose, Compulsion and The Date of Filings, Providing Comfort to The Taxpayer’s Choice Between Old and New Tax Regimes.
| Sr. No. | Point of Difference | Form 10IE | Form 10IEA |
| 1 | Meaning | Form 10IE is a form which is required to be filed when an assessee wants to shift from old tax regime to new tax regime. | Form 10IEA is a form which is required to be filed when an assessee wants to shift from new tax regime to old tax regime. |
| 2 | Purpose | It is filed for the purpose of shifting from old tax regime to new tax regime or for continuing in the new tax regime. | It is filed for the purpose of shifting from new tax regime to old tax regime or for continuing in the old tax regime. |
| 3 | Assessee for whom it is mandatory to file? | It is mandatory for all professionals and business owners who either wish to opt for new tax regime or to continue in the new tax regime. | It is mandatory for all professionals and business owners who either wish to opt for old tax regime or to continue in the old tax regime. |
| 4 | Last date of filing | The assessee shall file the form before the filing of the income tax return. The last date to file returns is 31st July, so it should be filed till then. | The assessee shall file the form before the filing of the income tax return. The last date to file returns is 31st July, so it should be filed till then. |
| 5 | From where to file? | It can easily be filed through the Income Tax Portal. | It can easily be filed through the Income Tax Portal. |
Conclusion:
The Forms Play a Pivotal Role for Taxpayers to Exercise Their Choice Between Tax Regimes and The Compliances with The Laws & Regulations.
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THE ARTICLE IS PARTIALLY INCORRECT. ONLY RELEVANT NOW FPRTHEASS YEAR 2024-25IS FORM NO 10IEA. THE NEW REGIME IS BY DEFAULT AND NO FORM IS REQUIRED TO BE SUBMITTED.
THE INCOME TAX HAS BECOME AN ACT OF HUNDREDS OF RULES AND FORMS MAJORITY OF WHICH ARE USELESS AND HAVE BEEN INTENDED ONLY TO CREATE HARASSMENT AND INCONVENIENCE TO THE TAXPAYERS. THESE REQUIREMENTS ARE OUT OF THE WHIMS OF THE BUREAUCRATS WHO ARE SITTING IN THE AIRCONDITIONED CHAMBERS AND NO INTEREST IN DOING ANY PRODUCTIVE WORK AND REDUCING RELIEF TO THE TAXPAYERS