Answer

1. F

   Facts

   You must file ITR-3 instead of ITR-1 or ITR-2. Having business income also changes the regime rule: you choose the old regime with Form 10-IEA by the due date, and can switch back only once in your lifetime.

2. P

   Provisions and law

   • Sec 115BAC, Income-tax Act 1961 (now Sec 202, Income-tax Act 2025)New tax regime is the default; business filers opt out by Form 10-IEA by the due date
   • Sec 28, Income-tax Act 1961 (now Sec 26, Income-tax Act 2025)Profits and gains of business or profession are taxable
   • Sec 71, Income-tax Act 1961 (now Sec 109, Income-tax Act 2025)Loss under one head can be set off against other heads, but business loss not against salary
3. A

   Analysis

   Salaried filers without business income can choose a regime every year, but once you have business income the switch is restricted. Example: an employee with ₹15 lakh salary and a small F&O income who wants the old regime must file Form 10-IEA by 31 August 2026. Losing track of this rule can lock you into a regime you did not want.

4. C

   Conclusion

   1. 1Use ITR-3 for salary plus F&O
   2. 2Decide your regime before the due date
   3. 3File Form 10-IEA by the due date if choosing the old regime
   4. 4Report salary and F&O separately

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