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Presumtive income form
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.
Replies (5)
Yes , you can file ITR 3
Thank you so much
Sir but can in future itr4 again can be filed
or there is a period of 5 years
or there is a period of 5 years
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.
What is the prescribed income defined in the Act??
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