Presumptive Income

If you are opting for presumptive scheme, you must

• File presumptive scheme for atleast 5 years in continuation
• If you decide to show and file profits as per regular business  before the end of these 5 years, you will lose presumptive benefits and disallowed from presumptive taxation for the subsequent 5 years. (5 years shall be counted starting the year in which you first file usual taxes for such business).

Dear sir,

a person bought his own name 2 cars, but these two cars run in a partnership firm,now firm account declared alredy income,tax and filed incometax return. but not showing these cars as asset of the company, But if he want to file in his individual return, is it need show again u/s.44 AE for cars income or just shown the profit from firm and other income to declare the return?

please..

can't be shown in individual u/s 44ae 

revise the return if possible 

or 

show the purchase of car in the f/y 2017-18

and show in itr a/y 2018-19

NO Need to show car when u r filing presumptive taxation..44AE FOR GOODS CARRIAGE vehicle..truck....and how u r earning revenue from car....just file ur indivual itr showing ur income and income from firm

THE FIRM ACCOUNT COMPLETED U/S.44AB, AND DECLARED INCOME 10000/- BY TWO PARTNERS

BUT THESE TWO CARS IN HIS OWN NAME AND LOAN ALSO HIS NAME? WITHOUT SHOWING BALANCE SHEET OF THESE TWO CARS CAN?

Thanks Very much Mr. Divakar, and Mr.Naveen chand.

WELCOME