(4)Nothing contained in sub-section (1) shall apply to a person, where an option is exercised by such person under this section, in such manner as may be prescribed, for any tax year, and such option is exercised,––(a)in case of a person having income from business or profession,––(i)on or before the due date specified under section 263(1) for furnishing the returns of income for such tax year;(ii)such option, once exercised, shall apply to subsequent tax years;(iii)such option, once exercised, may be withdrawn only once for a tax year other than the tax year for which it was exercised; and(iv)after such withdrawal, the person shall never be eligible to exercise the option under this sub-section, except where such person ceases to have any income from business or profession, and in such a case the option under clause (b) shall be available;(b)in case of a person not having income from business or profession, along with the return of income to be furnished under section 263(1) for the tax year.
