Opting out of new tax regime: taxpayers with business income must file Form 10-IEA to elect the old regime. Form 10-IEA must be submitted by taxpayers with business or professional income who elect the old tax regime: individuals, HUFs, AOPs (excluding cooperative societies), BOIs and Artificial Juridical Persons filing returns that report business/professional income. Taxpayers filing ITR-1 or ITR-2 without business/professional income may opt out of the new regime by selecting the option in the ITR and need not file Form 10-IEA. The Form 10-IEA obligation principally applies to filers of ITR-3, ITR-4 or ITR-5.