Answer

1. F

   Facts

   No. Once a business filer validly opts out, the old regime continues for later years. You need a fresh form only to re-enter the new regime. The ITR may still ask for the original acknowledgement details.

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 115BAC (now Sec 202)New regime is the default; the opt-out for business income must be made by the Sec 263(1) due date and can be withdrawn only once
3. A

   Analysis

   The FAQ says business filers who have already opted out do not need to file Form 10-IEA every year to keep the old regime. Under Sec 115BAC, the option once exercised applies to later years. Keep the earlier acknowledgement, as the return may ask for it. Review each year whether staying in the old regime still saves tax.

4. C

   Conclusion

   1. 1Find the earlier Form 10-IEA acknowledgement.
   2. 2Confirm it shows as valid.
   3. 3Quote it in this year's ITR if asked.
   4. 4Review the regime choice yearly.

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