Income Tax: Important update for taxpayers, this is the last date to switch from new to old tax system

If a taxpayer has chosen the new tax regime for filing income tax return in the current financial year, but now he wants to switch to the old tax regime, then he will have to fill a new form for this. Besides, a separate process will also have to be completed. The Income Tax Department has provided this facility.

The Income Tax Department recently released the income tax return forms for assessment year 2024-25 taxpayers. These include statement forms for tax exemption claims as well as Form-10-IEA. The taxpayer who wants to switch from the new to the old tax system has to fill this form. If this is not done then it will be assumed that the taxpayer has adopted the new system and tax will be calculated accordingly. It is noteworthy that the new tax system is the default system for all income taxpayers, that is, it is already decided.

Many information will have to be filled in the new form-

Those who want to go back to the old tax system will have to fill many types of information in the new 10-IEA form. Under this, PAN number, complete information about tax payment etc. is included. Apart from this, the form will also ask about the history of changes in both the tax systems.

What is Form 10-IEA?

According to tax experts, under the default system, the new tax system is already selected and tax is calculated on that basis. If a taxpayer feels that he is getting the benefit of more tax exemption in the old system, then he can go back to it. Form 10-IEA is similar to the declaration form. At the same time, hundreds of taxpayers have also switched from the old system to the new system.

Last date is 31st July-

Tax experts said that this form will have to be submitted before July 31, the last date for filing income tax returns. In some cases, delayed returns can also be filed till December 31, but then the old system option will not be available.