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-
Frequently Asked Questions- FAQs
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.
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
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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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)