Answer

1. F

   Facts

   Form 10-IE was used before the new regime became the default. From AY 2024-25, Form 10-IEA replaced it, and the choice is now to opt out of the new regime. Old Form 10-IE filings were about opting into 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
   • Notification 43/2023, Form 10-IEANotified Form 10-IEA for opting out of, or back into, the new regime from AY 2024-25
3. A

   Analysis

   Notification 43/2023 brought Form 10-IEA for AY 2024-25 onwards. Since the new regime is now the default, someone with business income who wants the old regime files Form 10-IEA. An earlier Form 10-IE that opted into the new regime does not by itself give you the old regime now. Check your filing history and the regime the return currently shows.

4. C

   Conclusion

   1. 1Check what Form 10-IE you filed and for which year.
   2. 2Note that the default is now the new regime.
   3. 3File Form 10-IEA if you want the old regime with business income.
   4. 4Keep both acknowledgements.

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