Individuals or HUFs with business or professional income are required to file Form 10-IEA to choose to remain under the old tax regime instead of the new one. If Form 10-IEA is not filed by the first ITR filing deadline, taxpayers will not be able to revert to the previous tax year setup.
ITR Filing: Want to switch back to the old tax regime? Here's how to do it
livemint.com - 29 Jul 2024 08:44
Individuals or HUFs with business or professional income are required to file Form 10-IEA to choose to remain under the old tax regime instead of the new one. If Form 10-IEA is not filed by the first ITR filing deadline, taxpayers will not be able to revert to the previous tax year setup.
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