Opt In / Out of the Presumptive Taxation Scheme

An individual, HUF and business can opt-in for the presumptive taxation scheme when they file the ITR i.e. Income Tax Return.

If a business wants to carry forward the losses to the next financial year they can opt out of the presumptive taxation scheme.

However, after opting out from the presumptive scheme, for the next 3 years they cannot opt-in the presumptive taxation scheme.