The “New Tax Regime” declaration made by return filers is on Form 10IE. If an individual or HUF earns money from a business or profession, they must submit Form 10IE in order to comply with the new tax regime and pay income tax. They can inform the income tax department of their choice by submitting this form.
On the other side, a taxpayer who doesn’t have income from business or profession can simply choose the new tax regime in the ITR forms without the need to file form 10IE.
Form 10IE must only be submitted by those who file ITR-3 and ITR-4. Form 10IE need not be submitted by those who file their returns on other forms like ITR-1 or ITR-2.
