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List of business codes not eligible for section 44AD – Presumptive taxation

Income tax Expert by Income tax Expert
June 21, 2022
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Section 44AD of the Income Tax Act deals with presumptive taxation scheme available to an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm.

Section 44AD deals with people conducting business wherein the person needs to show a minimum of 6% profit of turnover or 8% profit of turnover as applicable. Further there are few exclusion from the section 44AD which is as under:

(i) a person carrying on profession as referred to in sub-section (1) of section 44AA (i.e. person eligible for 44ADA);

(ii) a person earning income in the nature of commission or brokerage; or

(iii) a person carrying on any agency business.

 

Considering the above exclusion we can say that if a person is showing his income and using the purpose code related to business or profession mentioned above, he might receive a notice from Income Tax that he/ she is not eligible to file income tax return using the benefit of provision of section 44AD.

 

List of codes relating to the above businesses/ profession which are not eligible for 44AD are as under:

Code Sub-Sector
9005 General commission Agent
14001 Software development
14002 Other software consultancy
14003 Data processing
14004 Database activities and distribution of electronic content
14005 Other IT enabled services
14006 BPO services
14008 Maintenance and repair of office, accounting, and computing machinery
16001 Legal profession
16002 Accounting, book-keeping, and auditing profession
16003 Tax consultancy
16004 Architectural profession
16005 Engineering and technical consultancy
16007 Fashion designing
16008 Interior decoration
16009 Photography
16013 Business and management consultancy activities
16018 Secretarial activities
16019_1 Medical Profession
16020 Film Artist
18001 General hospitals
18002 Specialty and super specialty hospitals
18003 Nursing homes
18004 Diagnostic centers
18005 Pathological laboratories
18010 Medical clinics
18011 Dental practice
18012 Ayurveda practice
18013 Unani practice
18014 Homeopathy practice
18015 Nurses, physiotherapists, or other para-medical practitioners
18016 Veterinary hospitals and practice
18017 Medical education
18018 Medical research
18019 Practice of other alternative medicine
18020 Other healthcare services
20010 Individual artists excluding authors
20011 Literary activities
20012 Other cultural activities N.E.C.

 

It is interesting to note that such exclusion codes have been mentioned in ITR 5 validation rules and not in ITR 3 and 4.

 

To read more about the validation rules of ITR 5 CLICK HERE: CBDT_e-Filing_ITR 5_Validation Rules.pdf (incometax.gov.in)

To read the full list of business and professional codes CLICK HERE: Business codes and professional codes for Income tax return/ ITR forms for AY 2021-22 – Taxontips (No new business code have been issued for AY 2022-23)

 

Hence, please remember the above thing while filing your return of income or you might receive a notice from Income Tax Department. If you use the above mentioned codes and file return under 44AD then Income tax department might take your 44AD benefit and process the return accordingly.

 

Disclaimer: The views presented in the above article are personal views of our team and has no legal binding. For any legal opinion consult a tax professional.

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