Answer

1. F

   Facts

   No. If a business or professional filer misses the due date, the old regime cannot be claimed for that year. A late form is treated as invalid. You are taxed under the new regime for that year and can opt out afresh in a later year.

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
3. A

   Analysis

   The FAQ says that if you miss the deadline you cannot claim the old regime in your ITR, and a late form gets an 'Invalid Form' status. A belated return under Sec 139(4) does not fix this. So compute tax under the new regime and file by 31 December 2026 to limit fees. For tax year 2026-27, plan to exercise the option by that year's due date.

4. C

   Conclusion

   1. 1Accept the new regime for AY 2026-27.
   2. 2Compute tax and file the belated return by 31 December 2026.
   3. 3Note next year's due date in your calendar.
   4. 4Compare regimes again before then.

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