Archive · 25 Jul 2026
Tax Regime Changes for Business Owners and Professionals
The new tax regime is now the default option for taxpayers in India.
Salaried individuals can switch between the old and new tax regimes every year to lower their tax liability.
However, business owners and professionals can change their tax regime only once.
They need to file Form 10-IEA to switch.
The deadline for filing income tax returns for business owners and professionals varies based on whether a tax audit is required.
It's important to choose the right tax regime as it can have long-term tax implications.
The new tax regime is the default option for taxpayers.
Salaried individuals can switch between old and new tax regimes annually.
Business owners and professionals can change their tax regime only once.
Form 10-IEA must be filed to switch tax regimes.
ITR deadlines vary based on audit requirements.
- Who
- Business owners and professionals
- What
- Changes in tax regime options
- When
- Assessment Year 2026-27 (FY 2025-26)
- Where
- India
- Why
- To optimize tax liability based on income profile
Flexibility in Tax Regime
Restrictive Tax Regime Changes
Frequency of Change
Flexibility in Tax Regime
Salaried individuals can switch between old and new tax regimes every year.
Restrictive Tax Regime Changes
Business owners and professionals can change their tax regime only once.
- Default Tax Regime
- New tax regime
- Form for Changing Tax Regime
- Form 10-IEA
- ITR Deadline for Non-Audit Cases
- August 31, 2026
- ITR Deadline for Audit Cases
- October 31, 2026
- ITR Deadline for Belated Returns
- December 31, 2026