New ITR Update: Income Tax Dept. Introduces ITR Utility New Codes

New ITR Update: Income Tax Dept. Introduces ITR Utility New Codes

ITR Utility Update: The Income Tax Department has introduced the Income Tax Return (ITR) utility new codes under “Nature of Business/Profession” to enhance its developing sectors and activities.

The IT Dept. has advised taxpayers and professionals to prefer the correct Business/Profession code while filing the ITR to make sure of the correct classification of income for AY 2025-26.

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Who can file ITR-3?

The ITR-3 is used by individuals and HUFs who have income from business or profession. This includes freelancers, professionals, and partners in a firm but not LLP owners.

What’s New Update:

The Income Tax India has introduced new codes under “Nature of Business/Profession, which will ensure the Fast and correct ITR processing, Less risk of tax survey or mismatches and proper classification of income.

Also Read
ITR Filing 2025: Delay in ITR-2 and ITR-3? Here is What Taxpayers Should Know

Followings are the new codes under “Nature of Business/Profession:-

New Codes	Business/Profession
16021	Social Media Influencers
21009	Speculative Trading
21010	Futures and Options Trading
21011	Buying/Selling of Shares