VVIP Global Limited wants to opt QRMP scheme for next financial year from 1st April, 2024. Is it possible ? Explain the condition and restrictions of QRMP Scheme.

Yes, VVIP Global Limited is eligible to opt QRMP scheme for next FY for 2024-25. Condition and restrictions of QRMP Scheme: Aggregate annual turnover (PAN based) does not exceed ₹5 crore in the preceding financial year. Facility to avail the QRMP scheme is available at common portal throughout the year. Registered person intending to opt for QRMP scheme for any quarter shall indicate his preference for furnishing of return on a quarterly basis from 1st day of the 2nd month of the preceding quarter till the last day of the 1st month of the quarter for which the option is being exercised. Assessee has furnished the return for the preceding month, as due on the date of exercising such option. Where such option has been exercised once, they shall continue to furnish the return as per the selected option for future tax period, unless they revise the said option.