CODE FOR NATURE OF BUSINESS

[S.C. WADHWA]

A Pvt. Ltd Company deals in shares trading and gives loan to its subsidiary and others and makes investments in debentures, mutual fund etc.

It is going to file its Income Tax Return for A.Y. 2018-19. Till A.Y. 2017-18, it used to select following codes Trading-Others (0204) and Financial Service Sector-Others (0809)

Since now codes has been changed, please advise which codes should be selected.

AI Summary

Nature of Business classification: select the code reflecting the company's principal activity when multiple financial activities exist.
Classification for the income tax return should follow the company's principal business activity: the entity carries on shares trading, lends to a subsidiary and others, and invests in debentures and mutual funds, and must therefore select the Nature of Business code(s) that best reflect its dominant commercial activity or, if necessary, record multiple appropriate codes while disclosing all material activities.