Answer

1. F

   Facts

   Remuneration and interest received by a partner from the firm are taxed as business income in the partner's hands. So a partner who wants the old regime generally needs to file Form 10-IEA. The firm itself is not eligible for this choice.

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 44AB (now Sec 63)Tax audit where turnover or receipts cross the limits
3. A

   Analysis

   Because the partner's share of remuneration and interest falls under profits and gains of business, Form 10-IEA applies if the old regime is wanted. If the firm is audited, the partner's due date may also follow the audit due date, extended to 21 November 2026 for AY 2026-27; check this for your case. The share of profit from the firm is exempt in the partner's hands. File ITR-3 and quote the form details.

4. C

   Conclusion

   1. 1Confirm remuneration and interest from the firm.
   2. 2Check your applicable due date.
   3. 3File Form 10-IEA if choosing the old regime.
   4. 4File ITR-3 with the firm details.

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