What should be the business code in itr for mandi aarthi (buying potato from farmer and selling it in market)?
And what should be the nature of income, i.e. Commission income or trading income or something else?
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Quick Summary
This discussion clarifies the appropriate Income Tax Return (ITR) business code and nature of income for individuals operating as Mandi Aartis, specifically those buying potatoes from farmers and selling them in the market. The consensus points towards 'Trading Income' with business code '09006', depending on whether the individual purchases produce outright or acts solely as a commission agent. Payment methods also influence the classification.