From a tax planning perspective, choosing a tax plan at the beginning of the financial year is important. The taxpayer must compare income tax under the new tax system with the existing system. Once a taxpayer has chosen a tax plan at the beginning of the year, investments and TDS or prepaid tax calculations are performed accordingly. Also, the taxpayer must submit a Form 10IE to the revenue department before filing a refund if the taxpayer intends to select a new tax system.