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of <h1>Taxpayers Can't Change to New Regime Mid-Year; Switch Only Next Year via Form 10-IEA.</h1> If a taxpayer with business income has mistakenly filed Form 10-IEA and wishes to opt for the new tax regime for the assessment year 2024-25, they cannot withdraw the form within the same assessment year. The option to switch to the new tax regime can only be exercised in the following assessment year by filing Form 10-IEA for withdrawal. The choice of the old tax regime must be made before the due date for filing the return under Section 139(1) of the Income Tax Act.
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