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
Menu
Presumptive income tax return opt out
Replies (1)
if a taxpayer decides to show profits as per regular business before the completion of five consecutive assessment years after the initial assessment year in which they opted for presumptive taxation, they will lose the benefits of presumptive taxation and will not be allowed to opt for it for the next five years.
Recent Topics :
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
Related Topics :
CAclubindia
