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of <h1>Opting Out of Presumptive Taxation: Ineligibility for Five Years, Books of Account Required, Possible Section 44AB Audit.</h1> If an individual adopts the presumptive taxation scheme but opts out within the subsequent five years, they will be ineligible to use the scheme for the next five years. For instance, if someone uses the scheme from the assessment year (AY) 2019-20 to 2021-22 but opts out in AY 2022-23, they cannot claim it until AY 2028-29. Additionally, they must maintain proper books of account and may be subject to a tax audit under section 44AB if their income exceeds the non-taxable limit.
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