ITR
Who can and cannot file Form 10-IEA
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Facts
No. Form 10-IEA is for individuals, HUFs, AOPs other than co-operative societies, BOIs and artificial juridical persons with business income. Firms, LLPs and companies are not listed. Companies have their own rate options.
Provisions and law
- Sec 115BAC (now Sec 202)New regime is the default; business filers opt out with Form 10-IEA by the Sec 139(1) due date
- Notification 43/2023, Form 10-IEANotified Form 10-IEA for opting out of, or back into, the new regime from AY 2024-25
Analysis
The FAQ lists eligible filers, and firms and LLPs are not among them, because Sec 115BAC applies to individuals and the listed persons. Companies have separate concessional rate sections. An HUF with a family business can file Form 10-IEA for the old regime. Partners and directors decide their own regime as individuals.
Conclusion
- Check the status of the taxpayer: individual, HUF, AOP, firm or company.
- If individual or HUF with business income, consider Form 10-IEA.
- For firms, LLPs and companies, follow their own rate rules.
- Decide personal regimes separately for partners and directors.
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