Income Tax Nature of Business Code List 2020 PDF

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Income Tax Nature of Business Code List 2020

The Central Board of Direct Taxes (CBDT) has changed the business and professional codes for the Income Tax Return (ITR) from Assessment Year 2019-2020. Hence, you must select the correct codes for the nature of the business or the nature of the profession to report the correct information in the ITR. The nature of the business code should be selected while filing ITR-3 and ITR-4 on the Income Tax Website.

  • ITR-3 – Taxpayer having income from business/profession who do not opt for the Presumptive Taxation Scheme should prepare financial statements and file ITR-3. The taxpayer should select the correct codes and category under which the business or profession can be classified from the drop-down list. Description of business/profession activity and Trade Name of the business/profession can also be added.
  • ITR-4 – Taxpayer having income from business or profession and opting for Presumptive Taxation Scheme u/s 44AD or 44ADA is not required to maintain books of accounts and should file ITR-4. However, the taxpayer should select the correct codes and category under which the business or profession can be classified from the drop-down list. Description of business/profession activity and Trade Name of the business/profession can also be added.

You can download the Income Tax Nature of Business Code List 2020 in PDF format using the link given below.

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