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[Cites 0, Cited by 0] [Section 202(4)] [Section 202] [Entire Act]

Union of India - Subsection

Section 202(4)(a) in The Income Tax Act, 2025

(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(iii)such option, once exercised, may be withdrawn only once for a tax year other than the tax year for which it was exercised; and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;