Business Code For ITR For AY 2021-22

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 Income Tax Nature of Business code List For AY 2021-22 PDF Download.

Income Tax Nature of Business code List For AY 2021-22 PDF

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.

Income Tax Nature of Business code List For AY 2021-22 PDF Download available here-

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Frequently Asked Questions- FAQs

  1. Can I file ITR for AY 2021/22 now?

    For AY 2021-22 you can file your ITR till the due date as prescribed by the government. The last date of filing an income tax return for a person whose accounts are not required to be audited is 31st July of the assessment year and in case accounts are required to be audited the due date is 31st October of the assessment year. On 20th May 2021 vide circular no. 9/2021, the government has extended the due date of ITR for the non-audited assessee to 30th September 2021 and for the audited assessee to 30th November 2021.

  2. 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.

  3. When can I file my 2021/22 tax return?

    The last date of filing an income tax return for AY 2021-22 for a person whose accounts are not required to be audited is 31st July 2021 and in case accounts are required to be audited the due date is 31st October 2021 but on 20th May 2021 vide circular no. 9/2021, the government has extended the due date of ITR for the non-audited assessee to 30th September 2021 and for the audited assessee to 30th November 2021.

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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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