Question ID :
40729
Opting of Presumptive Taxation
Mr. X who is doing trading business has filed IT returns for FY 15-16 & 16-17 under presumptive taxation. In FY 17-18, his turnover exceeded 2 crores, so he is subject to tax audit. He got books audited and filed ITR 3. Now in FY 18-19, his turnover is less than 1 crore and wants to opt for presumptive taxation. Can he file IT Return under presumptive taxation for 18-19 , as he opted out of presumptive for FY 2017-18 only because his T/O exceeded 2 crores.
Please do reply
posted by
Gogisetti Sivaji Ganesh
on
Jul 22 2020 12:00AM