Income tax presumptive return opted

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A partnership firm that opted for presumptive income tax in FY 18-19 and then switched to a normal tax return is seeking clarification on whether they can opt for presumptive income again this year. They have heard a rule that prevents re-opting for five years after opting out. This query aims to clarify the eligibility and rules surrounding re-applying for presumptive tax returns.

Ravi

Ravi (Querist)

19 March 2023 hi friends we have partnership firm, in FY 18-19 we opted for presumptive income and next year's onwards we are filling normal tax return and not filling under presumptive tax return we are planning to file this year under presumptive income our doubt can we opt for presumptive income or not we heard that can't file under presumptive for 5 years due to miss out please clarify us, thanks for your support

Ravi

Ravi (Querist)

21 March 2023 hi friends

we have partnership firm, in FY 18-19 we opted for presumptive income and next year's onwards we are filling normal tax return and not filling under presumptive tax return

we are planning to file this year under presumptive income

our doubt can we opt for presumptive income or not we heard that can't file under presumptive for 5 years due to miss out

please clarify us, thanks for your support