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Section 115BAC default regime applies to:
APersons not opting out (default) (per relevant Section)
BAll assessees
COnly salaried
DOnly individuals above 60 (per relevant Section)
Answer & Solution
Correct answer: A. Persons not opting out (default) (per relevant Section)
1. From AY 2024-25: 115BAC is DEFAULT for individuals, HUF, AOP (non-co-op), BOI, AJP.
2. Taxpayers must affirmatively OPT OUT (Form 10-IEA) for old regime.
3. Business taxpayers: opt out once and back-in once in life; non-business: switch yearly.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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