New tax regime option must be exercised or withdrawn through the return of income for the relevant tax year. Exercise or withdrawal of the option for the new tax regime must be made in the return of income furnished under section 263(1) for the relevant tax year. The rule applies to the persons and provisions specified in the table, including manufacturing domestic companies, domestic companies, new manufacturing domestic companies, individuals or Hindu undivided families, associations of persons or bodies of individuals, artificial juridical persons, resident co-operative societies, and new manufacturing co-operative societies.