As per the CBDT release, individuals with business or professional income who wish to opt out of the new tax regime must submit Form 10-IEA before the due date mentioned in Section 139(1) of the Income-tax Act, 1961, for filing their income tax return for the respective assessment year.

The income tax department has enabled the income tax returns form (ITR1) and (ITR2) for the fiscal year 2022-23. Individuals, small business owners, and professionals are required to file these income tax return forms.