{"id":25069,"date":"2023-07-17T15:52:11","date_gmt":"2023-07-17T10:22:11","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=25069"},"modified":"2024-08-10T16:25:53","modified_gmt":"2024-08-10T10:55:53","slug":"form-10-ie","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/form-10-ie\/","title":{"rendered":"Filling of Form 10-IE for exercise of option in ITR 1&#038;ITR 2"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d42346baf4e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d42346baf4e\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#No_need_to_Form_10-IE_for_exercisewithdrawal_of_option_us_115BAC_in_ITR_1_ITR_2\" title=\"No need to Form 10-IE for exercise\/withdrawal of option u\/s 115BAC in ITR 1 &amp; ITR 2\">No need to Form 10-IE for exercise\/withdrawal of option u\/s 115BAC in ITR 1 &amp; ITR 2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#Form_10-IE_filing_is_mandatory_for_exercisewithdrawal_of_option_us_115BAC_in_ITR_3_ITR_4\" title=\"Form 10-IE filing is mandatory for exercise\/withdrawal of option u\/s 115BAC in ITR 3 &amp; ITR 4\">Form 10-IE filing is mandatory for exercise\/withdrawal of option u\/s 115BAC in ITR 3 &amp; ITR 4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#How_much_time_do_I_have_to_file_Form_10-IE\" title=\"How much time do I have to file Form 10-IE? \">How much time do I have to file Form 10-IE? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#What_is_last_date_of_ITR_file_Form_10-IE\" title=\"What is last date of ITR &amp; file Form 10-IE?\">What is last date of ITR &amp; file Form 10-IE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#Mandatory_Penalty_for_Late_Filing_of_ITR\" title=\"Mandatory Penalty for Late Filing of ITR\">Mandatory Penalty for Late Filing of ITR<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#Penalty_When_Income_Exceeds_the_Basic_Exemption_Limit\" title=\"Penalty When Income Exceeds the Basic Exemption Limit:\">Penalty When Income Exceeds the Basic Exemption Limit:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/form-10-ie\/#Exemption_Limits_Based_on_Tax_Regime\" title=\"Exemption Limits Based on Tax Regime:\">Exemption Limits Based on Tax Regime:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-25073\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Form-10-IE.png\" alt=\"Form 10-IE\" width=\"828\" height=\"464\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_need_to_Form_10-IE_for_exercisewithdrawal_of_option_us_115BAC_in_ITR_1_ITR_2\"><\/span><span style=\"color: #000080;\"><strong>No need to Form 10-IE for exercise\/withdrawal of option u\/s 115BAC in ITR 1 &amp; ITR 2<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Each individual and Hindu Undivided Family who exercises the option under section 115 AC (The New Tax Regime) is required by Rule 21 AG to submit an application in Form 10-IE via electronic means on their income.<\/li>\n<li>The Income tax Return filers&#8217; declaration that they have chosen the &#8220;New Tax Regime&#8221; is made on Form 10IE. If an individual or HUF want to file Form 10IE under the new tax law, they must have business or professional income. They can choose which income tax department to notify by submitting this form.<\/li>\n<li>On the contrary, taxpayers who do not have business or professional income can simply pick the new regime in the ITR form without submitting Form 10IE.<\/li>\n<li>Simply expressed, Form 10IE is only required for ITR-3 and ITR-4 filers. Form 10IE is not required from people filing their returns in other Forms like ITR-1 or 2.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25072\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45.jpg\" alt=\"Opt for New income Tax System \" width=\"1280\" height=\"639\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45-300x150.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45-1024x511.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45-768x383.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/photo_2023-07-17_13-22-45-800x399.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Form_10-IE_filing_is_mandatory_for_exercisewithdrawal_of_option_us_115BAC_in_ITR_3_ITR_4\"><\/span><span style=\"color: #000080;\"><strong>Form 10-IE filing is mandatory for exercise\/withdrawal of option u\/s 115BAC in ITR 3 &amp; ITR 4<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Filing Form 10IE required:\u00a0Yes, filing Form 10IE is required if you want to use the new tax system and have income falling under the heading &#8220;Profits and Gains of Business and Profession.&#8221;<\/li>\n<li>However, a person may exercise an option to opt out of this tax regime under section 115BAC (6) of the Income Tax Act. Every year, a person who does not have a business or a profession can use this choice.<\/li>\n<li>Note: After exercising the option section 115BAC (6) of the Income Tax Act for the particular assessment year, the Assessee can not be able to withdraw.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_much_time_do_I_have_to_file_Form_10-IE\"><\/span><strong><span style=\"color: #000080;\">How much time do I have to file Form 10-IE?<\/span> <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>As Per Section 139(1) Form 10-IE must be submitted before the return&#8217;s due date of ITR,<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_is_last_date_of_ITR_file_Form_10-IE\"><\/span><span style=\"color: #000080;\"><strong>What is last date of ITR &amp; file Form 10-IE?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>31st July 2023 is last date of ITR filling<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-25071\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR-.jpg\" alt=\"Due date of ITR coming \" width=\"1080\" height=\"801\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR-.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR--300x223.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR--1024x759.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR--768x570.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/07\/Due-date-of-ITR--800x593.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mandatory_Penalty_for_Late_Filing_of_ITR\"><\/span><span style=\"color: #000080;\"><strong>Mandatory Penalty for Late Filing of ITR<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Income exceeds basic exemption limit: If the taxpayer&#8217;s taxable income exceeds the basic exemption limit, a penalty will be levied for filing a belated ITR. The basic exemption limit depends on the chosen tax regime. The default tax regime is the new tax regime, where income up to Rs 3 lakh is exempted from tax for taxpayers, regardless of their age.\u00a0Under the Income Tax laws, a late filing fee or penalty is mandatorily applicable if taxpayers miss the ITR filing deadline.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Penalty_When_Income_Exceeds_the_Basic_Exemption_Limit\"><\/span><span style=\"color: #000080;\"><strong>Penalty When Income Exceeds the Basic Exemption Limit:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">If a taxpayer&#8217;s taxable income exceeds the basic exemption limit, they will be subject to a penalty for filing a belated ITR. The basic exemption limit varies depending on the tax regime chosen.<\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Exemption_Limits_Based_on_Tax_Regime\"><\/span><span style=\"color: #000080;\"><strong>Exemption Limits Based on Tax Regime:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">The default tax regime is the new tax regime, under which the basic exemption limit is \u20b93 lakh, irrespective of the taxpayer&#8217;s age. If the taxable income exceeds this limit and the ITR is filed late, the penalty will be imposed.<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>No need to Form 10-IE for exercise\/withdrawal of option u\/s 115BAC in ITR 1 &amp; ITR 2 Each individual and Hindu Undivided Family who exercises the option under section 115 AC (The New Tax Regime) is required by Rule 21 AG to submit an application in Form 10-IE via electronic means on their income. The &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[5531,9955],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/25069"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=25069"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/25069\/revisions"}],"predecessor-version":[{"id":27195,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/25069\/revisions\/27195"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=25069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=25069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=25069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}