partnership firm's return of ay 2017-18 in which itr?

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Partnership firm wants to fill return as presumptive basis... Is it possible and if not then which itr has to be filed?
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YES a partnership firm can opt Presumptive taxation scheme BUT post A.Y 16-17 (from A.Y 17-18) few clauses were ammended/removed which fadded the attraction in presumptive taxation scheme (44AD) specially for partnership firms , now one first need to assess the situation and then accordingly decide whether to go for 44AD or not ...

Important changes made  :-

* Starting from A.Y 17-18 the 8%/6% (as the case may be/cash receipts(8%)/Electronic mode receipts(6%)) OR higher(optional) of the total turnover/gross receipts will be deemed  the FINAL  net taxable income (taxed @ flat rate of 30%) ,  further allowances like interest on partners capital / renumeration to partners will NOT be allowed to be deducted from the FINAL net taxable income . 
* Once the assesse opts in 44AD the assesse will have to keep lock-in with 44AD for next five years  and if he opts out from the scheme in lock-in period then he will be barred to opt in again for next 5 years

ITR 5 only.


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