Business Codes for ITR forms for FY 2020-21 / AY 2021-22

Income Tax Department notifies the business code for the purposes of selecting the relevant code for Income Tax Return (‘ITR’) filing for Financial Year (‘FY’) 2020-21 relevant to Assessment Year (‘AY’) 2021-22. Business Codes for Income Tax Return (ITR) forms for FY 2020-21 / AY 2021-22.

While filing ITR, ‘Business codes’ must be quoted under Nature of business. The correct business code for quoting in ITR is as follows:

Note: *n.e.c. stands for ‘Not Elsewhere Classified.’ Business Codes for Income Tax Return (ITR) forms for FY 2020-21 / AY 2021-22.

Nature of Business

While filing the income tax return form, please enter the business name, business Code, and business description. In this case, the assessee was engaged in more than one business or profession, indicating all the activities or products during the previous year. Further, the business code is the applicable business code on the list provided in the table. Further, the business code is the applicable business code on the list provided in the table.

In the case, sub status selected is “Primary Agricultural Credit Society” or “Primary Co‐operative Agricultural and Rural Development bank” or “Other Co-operative Society” then from the additional fourteen activities as per the

A list of business codes for co-operative society’s activities is provided in the table, and an applicable business code needs to be selected.

Further, it is clarified that if an assessee claimed any deduction u/s 80P, then the respective business code needs to be selected in both “Nature of Business” and in “Schedule 80P.”

However, if an assessee declares income from business or profession on a presumptive basis, u/s. 44AD, u/s. 44ADA or u/s. 44AE, please furnish details of the Nature of business concerning income u/s 44AD, u/s 44ADA, and u/s 44AE in Part A‐ P&L (as applicable) instead of this Business code table.