Answer

1. F

   Facts

   Form 10-IEA is the online form to opt out of the default new regime, or to come back to it, for people with business or professional income. Individuals, HUFs, AOPs, BOIs and artificial juridical persons with such income must file it to use the old regime. People without business income choose the regime directly in the return.

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

   From AY 2024-25, the new regime under Sec 115BAC (now Sec 202) is the default. The e-Filing FAQ says Form 10-IEA is required if you want to opt out of, or re-enter, the new regime and have income under profits and gains of business or profession. A salaried person filing ITR-1 or ITR-2 does not need it and simply picks the regime in the return. So a doctor, consultant or shop owner who wants old regime deductions must file Form 10-IEA on time.

4. C

   Conclusion

   1. 1Check whether you have any business or professional income.
   2. 2If yes and you want the old regime, plan to file Form 10-IEA.
   3. 3Compare old and new regime tax first.
   4. 4File the form before the return due date.

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