Taxpayers with business income must submit Form 10-IEA to opt for the old tax regime for AY 2024-25.
To opt for the old tax regime while filing the ITR for FY 2023-24 (AY 2024-25), taxpayers with business or professional income must submit Form 10-IEA. This applies to Individuals, HUFs, AOPs, BOIs, or Artificial Juridical Persons using ITR-3, ITR-4, or ITR-5. Those without business income can select "Opting out of new regime" directly in the ITR form without filing Form 10-IEA. Individuals and HUFs using ITR-1 or ITR-2 do not need to submit Form 10-IEA.
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