Answer

1. F

   Facts

   No. Form 10-IEA must be filed by the Sec 139(1) due date, not by the belated return date. Filing it now with a late return does not give the old regime. Your belated return will be under the new regime.

2. P

   Provisions and law

   • Sec 115BAC (now Sec 202)New regime is the default; business filers opt out with Form 10-IEA by the Sec 139(1) due date
   • Sec 139(4) (now Sec 263(4))A late (belated) return can be filed up to 31 December of the assessment year or before assessment, whichever is earlier
   • Sec 234F (now Sec 428)Late filing fee of ₹5,000, or ₹1,000 where total income is up to ₹5 lakh
3. A

   Analysis

   The rule ties the form to the original due date, so a belated return under Sec 139(4) cannot use the old regime unless the form was filed on time. Compute tax under the new regime, pay the Sec 234F fee and interest, and file by 31 December 2026. If you are an audit case with a 21 November 2026 due date, you may still be in time, so check quickly. Next year, file the form early.

4. C

   Conclusion

   1. 1Check whether your due date has passed.
   2. 2If passed, compute tax under the new regime.
   3. 3Pay fee and interest and file the belated return.
   4. 4Plan Form 10-IEA early next year.

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.