Partnership Firm ITR-4 Presumptive Income Opting Out

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This discussion addresses how a partnership firm can opt out of filing under the presumptive income scheme (ITR-4). While ITR-5 is the correct form for businesses with losses, users encountered issues with its availability. It's confirmed that ITR-5 will be released in July and can be filed offline if online filing isn't yet an option, even if you previously filed ITR-4.

Rahul Rogha

Rahul Rogha (Querist)
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19 June 2023 Partnership Firm filed ITR-4 under Presumptive Income during previous Assessment Year. How to opt-out of Presumptive Taxation? Also filing ITR-5 option is not available only ITR-4 is available. What to do in case business suffered overall loss?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 June 2023 Simply file ITR 5 with loss no need to opt out.

Rahul Rogha

Rahul Rogha (Querist)
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20 June 2023 I have stated that the option to submit ITR-5 is not available, only ITR-4 is available. Is it because last time I filed ITR-4? I don't know.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 June 2023 No, ITR 5 is yet to be released for filing wait for it.

Rahul Rogha

Rahul Rogha (Querist)
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21 June 2023 Seeing that the last date to file ITR-5 for non-audit cases is 31st July. Will ITR-5 be available for filing on July 1st?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 June 2023 Yes, it will be available in July.

Rahul Rogha

Rahul Rogha (Querist)
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18 July 2023 ITR-5 option is available for offline mode. Not online.