CBDT notifies Form No. 10-IEA for exercise of option to opt out of new tax regime

CBDT notifies Form No. 10-IEA for exercise of option to opt out of new tax regime u/s 115BAC or opt for old tax regime w.e.f. AY 2024-25

CBDT has notified the Income-tax (Tenth Amendment) Rules, 2023. Form No. 10-IEA has been notified for exercise of option under sub-section (6) of section 115BAC for opting out of New Tax Regime which has been made default one from AY 2024-25.

Vide CBDT Notification No. 43/2023 dated 21.06.2023, a new rule 21AGA has been inserted to provide that form assessment year 2024-25 and onwards option to be exercised shall be, –

(a) in Form No. 10-IEA on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for such assessment year, in the case of a person having income from business or profession;

(b) in the return of income to be furnished under sub-section (1) of section 139 for such assessment year, in the case of a person not having income from business or profession as referred to in clause (i).

The withdrawal of option under the proviso to sub-section (6) of section 115BAC shall also be in Form No. 10-IEA.

Form No. 10-IEA shall be furnished electronically either under digital signature or electronic verification code (evc).

Consequential amendments have been made to Rule 2BB, Rule 5 of Income Tax Rules, 1962.

Download CBDT Notification No. 43/2023 Click Here >>

• No separate compensation for loss of love and affection under MV Act – SC
• Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
• Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
• Section 271AAB does not grant any immunity from penalty in terms of section 273B
• Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand