Yes, Form 10E is applicable in case of new tax regime also. Section 89 provides relief to all the tax payers having arrears of salary or advance salary and related transaction covered as per the Income Tax Act.
Following are key questions you may have before opting new tax regime in case of applicability of Form 10E.
- is 10e is applicable in new tax regime ?
- can we claim 89 relief in new tax regime ?
- is section 89 is applicable in new tax regime ?
FAQ 1: Can we claim relief under section 89 in new tax regime ? or Is Section 89 is applicable in new tax regime?
Answer : YES, Even in new tax regime the benefits provided by way of relief is validly allowed. As relief is different from the deduction Provided in Chapter VI.
FAQ 2: Which rate of taxes is applicable in pervious years in case of arrears of salary?
Answer : For arrears of salary you must need to compute tax liability based on the tax return already filed by taxpayer. Simply take that slab rates which your taken for ITR filing of that year and file your Form 10E.
FAQ 3: Due date for filing of Form 10E?
Answer : To claim benefit of relief U/s 89 you must need to submit and file your Form 10E before filing of your ITR. Generally Due date for filing Form 10E is 31st of July. Income tax department issue online post login utility of Form 10E every year, you need to feel respective data and file that form before filing of your ITR.
FAQ 4: How many times individual can change their tax regimes?
Answer : For taxpayer having only salary income can change their tax regime every year by simply opting the option of ” Filing Return under New tax regime or Old Tax regime. No need to file Form 10IB in case of ITR 1.
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