Answers On Topic: Old Regime to New Regime switchover
Dear sir I would like to bring out the confusing instructions on Form 10IEA by the Income Tax Department. It says that for ITR 3 it is mandatory to submit Form 10 IEA to opt out of New Tax regime. But it does not clarify that if you have opted out already then the filling of this form again will be Opting you in for the New Scheme, in short it is like a toggle button. You fill the form in 2023, you opt out of new scheme but when you fill the form in 2024, the next year, you…
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The original return was filed under old regime within the timeline of Sec 139(1). The revised return was filed with substantial increase in income under new regime. The intimation was processed under old regime with consequential demand. Is there any way out please.
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Confusing status regarding Form 10-IEA for ‘Opting Out of New Tax Regime’