Veera Veera (253 Points)
25 November 2021
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 25 November 2021
It depends on the reason why it was not opted during ay20-21 or rather why no return was filed. If it was not opted because the turnover was more than the limit or if the income is within the basic exemption limit, then yes, you can opt for it again, I think.
Manish
(CA)
(1174 Points)
Replied 25 November 2021
As per my understanding, sub-section (4) is applicable only when the assessee does not declare profit in subsequent years as per sub-section (1) despite being an eligible assessee.
Is it like this?
CAclubindia
