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Presumtive income form

Rahuljain (Jogeshwari) (15 Points)

01 January 2018

In the financial year 2015-2016 i had filed the income tax return by the form 4S, in the financial year 2016-17 can i file my income tax return with form ITR 3.

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5 Replies

Rishi Mehta (Ur friend ) (1533 Points)
Replied 01 January 2018

Yes , you can file ITR 3

Rahuljain (Jogeshwari) (15 Points)
Replied 01 January 2018

Thank you so much

Anmol Singla (808 Points)
Replied 02 January 2018

Sir but can in future itr4 again can be filed
or there is a period of 5 years

Arjun Gupta (Chartered Accountant) (177 Points)
Replied 02 January 2018

If you opt for presumptive scheme, you must declare presumptive income for a continuous period of 5years. Moreover, if you declare profit for any of the 5 subsequent years at lower than prescribed income as defined in the Act, you shall not be eligible to claim presumptive taxation for 5 subsequent years.