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Business code and income

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

11 July 2018

1 Income from job works on computer - business code 2. Business income or professional income, please guide me

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6 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 11 July 2018

You can show it as a professional income and can opt ITR 4 (Presumptive Basis)

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S ELAVARASI (ACCOUNTANT) (2975 Points)
Replied 11 July 2018

Originally posted by : ANIL KUMAR KHETAN

1 Income from job works on computer - business code -

2. Business income or professional income, please guide me

Plaese tell the Job works details...

Any data entry related job or Servicing works based on computers?

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 11 July 2018

Sir can you specify the nature of work?

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)
Replied 11 July 2018

typing by computer and filing income tax return

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 11 July 2018

You may choose Profession income and code is16003 and you can opt for ITR 4 ie on presumtive basis declare 50% or more of gross receipt as income as per section 44ADA.

Otherwise you can opt business income(service) and decalare 8% or more of your gross receipt as income under section 44 AD(if you are not providing any accounting and book keeping service)