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<h1>New tax regime default-taxpayers may opt for the old regime by timely filing the prescribed form with the return.</h1> The Finance Act 2023 makes the new tax regime the default for eligible individuals, HUFs, AOPs (excluding cooperative societies), BOIs and artificial juridical persons, while preserving taxpayers' option to choose the old tax regime. For non-business incomes the regime choice may be made annually on the income tax return filed by the return due date. Taxpayers with business or professional income who wish to opt out of the new regime must furnish Form 10-IEA on or before the return due date; the same form is used to withdraw an election.