Presumptive Income Tax for Partnership firm running PlaySchool

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  1. Nayan Shah

    Nayan Shah New Member

    My query is, i am running a partnership firm (two partners and not a LLP). We are involved in running a playschool. The total income (receipt from frees) is around 2lakhs per annum (way much less than prescribe 2crore limit).
    Can i file firms income tax return considering Presumptive Income Tax i.e. ITR4S ?
    Is service provided as playschool eligible under this section 44AD or i need to file it compulsary ITR5 maintaining all records.

    Appreciate your opinion.

    Thanks
     
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