Income Tax Return: Business Code For ITR For AY 2020-21

Business Code for ITR is needed when you are filing your Income Tax Return, where you need to enter the type of business you are doing and what is the code of that business under the Income Tax Act. Here is the complete list of Business Code For ITR For AY 2020-21

List of Business Code For ITR For AY 2020-21

CBDT has changed business codes for Income Tax Return from AY 2019-20. Before the filing of the return, we must ensure that the correct business sector along with the correct business code has been selected.

The list of Business Code for ITR for AY 2020-21 is mentioned below-

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Frequently Asked Questions- FAQs

  1. Which ITR is applicable for business Income?

    ITR Form 3 is used by an individual or a Hindu undivided family (HUF) whose total income includes income from business or profession and the person has income from the following sources.

    Income from business or profession.
    An Individual is a director in a company or a partner in a firm or both.
    Have investments in unlisted equity shares at any time during the year.
    The return may also include Income from house property, salary/pension, or other sources.

  2. What is the business code for the contract?

    Site preparation works 06001

    Building of complete constructions or parts- civil contractors 06002

    Building installation 06003

    Building completion 06004

    Construction and maintenance of roads, rails, bridges, tunnels, ports, harbor, runways, etc. 06005

    Construction and maintenance of power plants 06006

    Construction and maintenance of industrial plants 06007

    Construction and maintenance of power transmission and
    telecommunication lines 06008

    Construction of waterways and water reservoirs 06009

    Other construction activity n.e.c. 06010

  3. What does business code mean?

    Business Code for ITR is needed when you are filing your Income Tax Return, where you need to enter the type of business you are doing and what is the code of that business under the Income Tax Act.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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