Income Tax Exemption: If you also want to choose the old regime to get tax exemption, then this time it will be necessary to fill a special form. No matter how many documents you submit, if this form is not filled then tax exemption of even a single paisa will not be given.
The time has come again to scramble to save income tax. If you too have done all the calculations and have decided that you have to choose the old regime to save tax, then this news is very useful for you. This time it is very important for you to fill a special form before choosing the old regime. If you do not fill this form before filing income tax return, then you will not get exemption of even a single penny.
In fact, the government has implemented the new tax regime by default from the current financial year. Earlier, the old tax regime was used by default, but after providing all the facilities in the new tax regime in Budget 2023, the government has implemented it by default. This means that if you have not chosen any regime from your side, then the new tax regime will be implemented and tax will also be calculated on the same basis.
What is the new required form?
The Income Tax Department has issued a new form only last week. If you are going to choose the old tax regime for the financial year 2023-24 and assessment year 2024-25, then it will now be necessary to fill Form 10-IEA. Without filling this form, your ITR will not be switched to the old regime. The government had implemented a new tax regime in the 2020 budget.
Yet to be clarified
Although the Income Tax Department has released Form 10-IEA, clarification on this is yet to come. It is not clear whether it will be necessary for everyone to fill this form or only businessmen or self-employed will have to fill it. However, it is clear that if the switch is made to the old tax regime without filling the form then the taxpayer will not be given a rebate of even a single penny and his tax will be calculated on the basis of the new regime.
What is special in the new form?
Under Form 10-IEA issued by the Income Tax Department, information about PAN details, tax status (for example, HUF and citizenship) and where tax exemption is to be availed is sought from taxpayers. It has to be kept in mind that no matter when you have filed ITR, it will be very important for you to fill this form before 31st July. Only then will your refund come.
