In case a taxpayer opts to file ITR under Presumptive Taxation Scheme in Assessment Year 2018-19, then, in that case, the taxpayer should opt to file ITR under this Presumptive Taxation Scheme for next five years.
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Generally, the small businessmen who are unable to maintain their books of accounts or financial records or there are times when they can’t afford to hire a Chartered Accountant, such Businessmen opt for Presumptive Taxation Scheme, as this makes the task of filing income tax returns difficult for them and can even lead to non-disclosure of income and lower tax compliance. For such professionals and businesses, the Presumptive Taxation Scheme (PTS) is a good option. It provides you the opportunity to calculate tax on an estimated income or profit.
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Usually, businesses are required to maintain their books of accounts, prepare a profit and loss sheet to calculate profit and prepare a balance sheet to file income tax returns, which can be a difficult task.
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Who can file ITR under Presumptive Taxation Scheme?
This Scheme can be opted by the eligible resident individuals, resident Hindu Undivided Families and resident Partnership firms can file Income Tax Return under this scheme. Other than this only a couple of professionals like lawyers, doctors, engineer, architect, accountants, technical consultants, interior designers and other professions notified by CBDT can opt for this scheme. Taxpayers who are opting for PTS under Sections 44AD, 44ADA or 44AE are supposed to file ITR 4 Form.
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