Answer

1. F

   Facts

   When you no longer have business or professional income, you are treated like any other individual. You choose the old or new regime in the return each year. Form 10-IEA is no longer needed.

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
3. A

   Analysis

   The FAQ notes that the lock on switching applies only while business or professional income continues. For a year with salary and interest only, you pick the regime in the ITR, by the due date for the old regime. If business income comes back later and you want the old regime, Form 10-IEA is needed again by that year's due date. Keep a note of when the business stopped.

4. C

   Conclusion

   1. 1Confirm no business or professional income in the year.
   2. 2Compare regimes.
   3. 3Choose in the ITR by the due date.
   4. 4File Form 10-IEA again if business restarts and you want the old regime.

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