FORM 10-IE
Table of Contents
- Introduction
- Form 10IE
- Due date of filing Form 10IE
- How to file Form 10IE
- Content of the form
- Conclusion
Introduction
New Tax regime has been introduced in the Finance Act 2020. It is an optional scheme where assessee can pay tax at concessional rate. Individuals and HUF has an option to choose section 115BAC and pay tax at reduced rate subject to certain conditions
New Tax regime is applicable from FY 2020-21. If an individual or HUF wants to exercise the provision of section 115BAC, then they need to file a declaration in the Form No. 10-IE.
Form-10IE
Form 10 IE is the form introduced by CBDT. Individuals and HUF have to inform in Form 10IE the tax department if they are choosing to pay tax under new tax regime. Form 10IE needs to be file before filing Income Tax Return.
The option in Form No. 10-IE shall be furnished electronically either under digital signature or
electronic verification code.
Due date of filing Form 10IE
Individual having Business Income needs to be filed before the due date of filing the Income Tax return under section 139 i.e 31st July or the date as extended by the government from time to time.
Salaried Employees can submit the form before/at the time of filing their Income Tax Return.
How to file Form 10 IE
Step 1: Login to Income Tax Portal
Step 2: Go to ‘Income Tax Form’ in ‘e-File’ Tab
Step 3: Select ‘File Income Tax Forms’
Step 4: Various Form will appear. Go to Form 10IE and select ‘ File Now’
Step 5: Select the Assessment Year. Click continue
Step 6: Fill the required information
Step 7: Submit the form using Digital Signature or Electronic Verification Code.
Content of the form
Following information are required to be provided in Form 10IE:-
- Name of the assessee
- Permanent Account Number (PAN) of the assessee
- The Assessment Year for which assessee have opted to pay tax under new Tax regime
- Address
- Date of birth/Date of Incorporation
- Details of IFSC unit, if any
- Detail of any previous filed Form 10IE
- Confirmation whether Individual or HUF is having income under Profit or Gain from Business and Profession.
- Declaration
Conclusion
To sum up the article, Form 10IE is the form which is mandatorily to be filed by Individual and HUF who have exercised the option to pay tax under new tax regime. It needs to be filed before filing Income Tax Return.
