hello sir or madam. I have salary income & business income for this year and i have filed my income tax returns under PRESUMPTIVE taxation (ITR 4) Next FY i don't have any business income can i switch from ITR 4 to ITR 1?
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Quick Summary
If you've previously filed under the presumptive tax scheme using ITR-4 due to business income, but will have no business income next financial year, you may be able to switch to ITR-1. However, be aware that opting out of ITR-4 means you might not be able to use it again for a few years, even if your business circumstances change.