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
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Presumptive income tax return opt out
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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.
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