Answer

1. F

   Facts

   Consulting income is professional income, so Form 10-IEA is needed for the old regime. Senior citizens get a higher basic exemption and larger health insurance deduction only under the old regime. Whether it saves tax depends on your deductions.

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 44ADA (now Sec 58)Presumptive income of 50% of gross receipts for eligible professionals
3. A

   Analysis

   Under the old regime, a resident senior aged 60 to 80 has a ₹3,00,000 basic exemption and can claim more for health insurance and medical expenses. The new regime has a ₹4,00,000 nil slab for all ages and lower rates. If your pension and consulting total ₹10 lakh and your deductions are small, the new regime is likely cheaper. Compute both before filing the form.

4. C

   Conclusion

   1. 1Add pension and consulting income.
   2. 2List deductions available to you under the old regime.
   3. 3Compare tax both ways.
   4. 4File Form 10-IEA only if the old regime wins.

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