head of professional recpt in itr 4

so it will too get 50% taxable ?? and balance 50% expenses allowed ?? is not it ??

YES 50% RECEIPT IS TREATED AS INCOME AS BALANCE U CAN CLAIM EXPENSES U/S 44ADA

BUT REMEMBER ONCE OPTED THEN U ARE BLOCK TO FILE THE ITR UNDER PRESUMPTIVE FOR 5 YEARS 

@ naveen chand... is it really so ???   but as far i know if itr 3 is chose over presumptive income itr 4, then assessi cannot file itr 4 for 5 years ?  please correct me if i am wrong....

u r blocked for 5 years 

@ Priyatambika

No. ITR4 cannot be replaced by filing ITR3. The system doesn't allow you to file an other form of return for the same AY.

Instead, if you want to furnish the details of profit & loss account and balance sheet, you can file a revised ITR4 (presumptive) by mentioning the finanical particulars of the business (available at the bottom of the schedule) in Schedule NOB BP.

MEANS VALUES OF B.S CAN BE CHANGED ??

You can enter the BS values as on 31st March 2018 which you feel are correct. You are filing revised return, so you can change the values reported in the earlier return. Make sure all the values entered in the revised return are correct as you cannot revise it again and again.