(4)Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income which the person is required to furnish under the provisions of this Act:Provided that once the option has been exercised for any previous year, it cannot be subsequently withdrawn for the same or any other previous year.] [Inserted by Act 66 of 1976, Section 20 (w.e.f. 1.6.1976).][Provided further that where the person exercises option under section 115BAA, the option under this section may be withdrawn.] [Inserted by Act No. 46 of 2019, dated 11.12.2019.]
