ITR selection

135 views
User Avatar

14 Points Posted on 29 December 2020
An assessee has opted for Presumptive income while filing itr for A.Y 2019-20 so he has to continue it till A.Y 2023-24 ?? is it correct
0 Reply Share Follow
On 29 December 2020 at 13:41 Report
Replies (2)
Quick Summary
If you choose the presumptive income scheme (44AD) when filing your Income Tax Return (ITR), you generally need to stick with it for five consecutive years. If you don't, you won't be eligible to use the scheme again for the next five years. Therefore, if you opted in for AY 2019-20, you should continue until AY 2024-25.

User Avatar

CA Student
15932 Points Posted on 30 December 2020

If 44AD presumptive scheme is opted, then,

-> also required to follow the same for next 5 years (i.e. 5 years after the 1st year of opting)

-> if not done, then scheme not available for next 5 years (i.e. 5 years after the year of not opting) 

So, if continued, then till AY 2024-25.

Reply
On 30 December 2020 at 12:48
User Avatar

14 Points Posted on 30 December 2020
Thank you
Reply
On 30 December 2020 at 12:49

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Guidance Required on Filing Fresh Registration und
  2. IT Return Refund Status AY 2026-27
  3. Clarification Regarding Income Tax Demand Notice
  4. Online PAN Download: Check How?
  5. Demand of Late fee/Interest under section 75 of GS
  6. DSC registration on TRACES portal
  7. Can we get registered for MCA if we get a Virtual
  8. DONATION PAYMENT REG
  9. GST IDS Refund – Statement 01A: Invoice Not
  10. TDS deposit code & TDS return

More recent discussions | Post

Related Topics :

Loading