Income Tax 26 October 2026
Mumbai ITAT Says Old Tax Regime Requires Deductions Proof
Taxpayers with business or professional income who want to move from the default new tax regime back to the old regime must file Form 10‑... and provide documentation for any eligible deductions. The Mumbai ITAT clarified that without proper proof, deduction claims will be denied, stressing strict adherence to documentation requirements.
Taxpayers opting out of the new tax regime must now file Form 10‑... to claim any eligible deductions under the old regime. The Mumbai ITAT warned that claims lacking proper documentation will be rejected.
- Applicable to business and professional income earners
- Must submit proof for each deduction claimed
- Failure to provide documents leads to denial of benefits
*Read the full notice here* (https://timesofindia.indiatimes.com/city/mumbai/city-itat-taxpayer-opting-for-old-regime-must-get-eligible-deductions/articleshow/135196945.cms).
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