New tax regime to old tax regime – A solution by Udaipur CA.  

Made the wrong choice with the new tax regime? This Udaipur CA and tax advisor in Udaipur explains how to switch back to the old regime, including filing a form and completing a process.

Way of switching to the old tax regime from new tax regime

If a taxpayer has chosen the new tax regime for filing income tax return in the current financial year but now wants to switch to the old tax regime, then a new form will have to be filled for this. Apart from this, a separate process will also have to be completed Income Tax Department has made this facility available.

Income Tax Department recently released income tax return forms for taxpayers for the financial year 2024-25.  These include the Statement Form for tax exemption claims as well as Form-10-IEA.

Taxpayers who want to switch from the new to the old tax regime will have to fill this form. Otherwise it will be considered that the taxpayers are continuing in the new tax regime.

Filing of  Form-10-IEA

Under the default system, the new tax system is already selected and tax is calculated on the same basis.  

If any tax payer 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 form is just like a declaration form.

Taxpayers to provide information

Those who want to go back to the old tax system will have to fill a variety of information in the new 10 IEA form.

Complete details of PAN number, tax payment, history of changes in both the tax systems  etc

Taxpayers who switched to the new tax regime but now want the old regime must complete a process & file a form, explains a CA and tax consultant in Udaipur or contact the best tax advisor in Udaipur. Get the info you need.

error: Content is protected !!