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income tax return: The time has come to file income tax returns. Salaried professionals may have submitted or are submitting their investment proofs. Income tax return forms have also been notified. Now taxpayers can check which income tax system is generating less tax for you by doing tax calculations etc., i.e. in which system there is more savings. For this, salaried professionals can get a provisional salary slip from their office, through which they can see their income tax slab and tax calculation.
If you have also calculated your slab and tax liability, then you must have got an idea whether this time you want to file your tax return in the new tax system or in the old tax system. If you think that you will get more benefits by filing ITR in the old tax system this time, then you will have to take an additional step this time.
File Form 10 IEA
You may also know that in last year's budget, the new tax regime was made the default regime, due to which taxpayers automatically moved to the new tax regime, that is, they will have to select separately for the old tax regime. Through a form. ,
In the tax return form issued by the Income Tax Department for assessment year 2024-25 (FY-2023-24) taxpayers, the new tax system has been described as the default system. Due to this, taxpayers who have to file ITR in the old tax regime will have to file a new form, Form 10-IEA.
When to fill Form 10-IEA?
Salaried professionals must fill this form before July 31, 2024. This is the deadline for filing tax returns. If you have to file your ITR return before this date then you will have to submit this form before that. However, you can also file your tax return as a late return till December 31, 2024, for which you will have to pay a late fee. But keep in mind that if you file your return late, you will not be able to make changes in the tax regime. For change in tax system, you will have to submit the form by 31st July only.
In this form you will be asked for your PAN details. With this you have to fill your tax status (Individual, HUF, Resident etc.). Along with this, you will also be asked whether you had made changes in the tax system before or not.
If you want tax exemption on things like medical insurance, home loan deduction, tuition, rent, leave travel allowance etc. under Section 80C, Section 80D, then you should file ITR in the old tax system. In the new tax system, you will get the benefit of standard deduction of Rs 50,000 and low tax rate only.