Find
The new regime is the default. Individuals with business or professional income opt out by filing Form 10-IEA on or before the due date of the return. A belated return cannot use the old regime.
ITR
Old tax regime for a presumptive business
Updated . Every paid answer is checked by a CA. Free AI answers are labelled until a CA verifies them.
Provisions
Sec 115BAC (now Sec 202); Sec 139(1) (now Sec 263(1))
Analysis
If you missed the due date, the old regime is lost for AY 2026-27. Business filers can switch back to the new regime only once after opting out, so the choice is not free every year. With ₹2,00,000 of home loan interest and ₹1,50,000 of 80C, the old regime may save tax; compute both. Quote the Form 10-IEA acknowledgement in the return.
Close
- Compute tax under both regimes
- If old is better, file Form 10-IEA before the due date
- Quote its acknowledgement number and date in ITR-4
- Remember that re-entry into the new regime is allowed only once
Connect now
A Savvy replies in minutes.
Fixed price before you pay. Your Savvy is paid only after you accept the work.
General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.