ITR filing FY 2024-25: Don’t miss filing Form 10-IEA if switching tax regimes – here’s why

Many taxpayers are confused about Form 10-IEA, which is required for opting in or out of the new tax regime, especially those with business income using ITR3 or ITR4. Missing the filing deadline results in default assessment under the new regime, potentially costing taxpayers refunds as deductions are not considered. Frequent rule changes have further complicated tax filing.