Business code in itr- 5

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Abhishek Roy Choudhury (Querist)

27 February 2016 Dear Sir,
An Religious Institution is going to file ITR- 5 because it is only registered under Societies Act. Please tell what will be the code in the column Nature of Business in the sheet Part A- General(2).

Please suggest at the earliest. Your reply would be very helpful.

Thanks,
Abhishek.

Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)

29 February 2016 Dear Sir,
Please Reply. Waiting for your valuable reply at the earliest.

Thanks,
Abhishek.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

18 July 2024 For a Religious Institution registered under the Societies Act filing ITR-5, the appropriate Business Code to be used in the Nature of Business column (Part A- General (2)) depends on the primary activities conducted by the institution. Since religious institutions typically engage in charitable and religious activities, you can consider the following codes based on the activities:

1. **Religious Activities**: Use code **93059** under "Religious Trusts/Charitable Activities" category. This code is generally used for entities engaged in religious and charitable activities.

2. **Charitable Activities**: Alternatively, you can use code **93060** if the institution's primary activities are focused on charitable purposes.

These codes are part of the standard list provided in the ITR-5 form and are used to classify the nature of business or activity of the entity. Choose the code that best describes the main activities of the Religious Institution. It's important to ensure accuracy in selecting the code as it helps in proper classification and assessment under income tax regulations.

If the specific codes mentioned above are not listed in your form or are not applicable due to specific activities of the institution, you may refer to the comprehensive list of business codes provided by the Income Tax Department or consult with a tax advisor for further guidance tailored to your institution's activities.

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