Answer

1. F

   Facts

   For AY 2026-27, a person with business or professional income must file Form 10-IEA on or before the Sec 139(1) due date to opt out of the new regime. Without it, the return is under the new regime.

2. P

   Provisions and law

   • Sec 115BAC, Income-tax Act 1961 (now Sec 202, Income-tax Act 2025)New tax regime is the default; business filers opt out by Form 10-IEA by the due date
   • Sec 139(1), Income-tax Act 1961 (now Sec 263(1), Income-tax Act 2025)Return due date: 31 July for most individuals, 31 August for non-audit business or profession, 31 October for audit cases
3. A

   Analysis

   Once opted out, you can come back to the new regime once, and after that the old regime is not available again while you have business income. Example: a doctor with ₹30 lakh income and large 80C, 80D and home loan claims may save under the old regime; file Form 10-IEA before the due date. Compare both regimes before deciding.

4. C

   Conclusion

   1. 1Compute tax under both regimes
   2. 2If old is better, file Form 10-IEA before the due date
   3. 3Quote the Form 10-IEA acknowledgement in ITR-3
   4. 4Keep a record of when you switched

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