Form 10-IEA (Tax Regime Option)

Overview

From FY 2023-24 the new tax regime under section 115BAC is the default. Taxpayers with business or professional income who want the old regime, with deductions such as 80C, 80D and housing loan interest, must file Form 10-IEA on or before the due date under section 139(1).

The choice is significant because a business taxpayer can switch back to the new regime only once in a lifetime. Company Mitra compares your tax under both regimes using your expected income and deductions, checks your earlier opt-out history and files Form 10-IEA only if the old regime is clearly better.

Salaried individuals without business income do not need this form and choose the regime in the ITR itself. For tax years under the Income-tax Act, 2025, the corresponding option is exercised under the new law.

Who needs it

• Individuals and HUFs with business or professional income
• Freelancers and consultants preferring the old regime
• Proprietors with large deductions or exemptions
• AOPs, BOIs and artificial juridical persons choosing the regime

What's included

Included:

• Old versus new regime tax comparison
• Check of eligibility and earlier opt-out or withdrawal history
• Online filing of Form 10-IEA before the due date
• E-verification support
• Guidance on mentioning the acknowledgement in the ITR

Not included:

• Income tax return filing (available separately)
• Tax audit if applicable
• Tax planning beyond regime choice