Balance Sheet Entries for ITR 3

Income Tax Income from Business or Profession
1

Hi @TeamQuicko

I am filing ITR 3 for first time and have a few questions regarding Balance Sheet entries.

  1. I took a personal loan of 1 lakh from LIC through my policies 3 years ago in FY 2022-23. I filed ITR 2 in FY 2022-23 & 2023-24 and neither showed the loan amount nor claim any deduction for my loan interest payment in ITR.
    Is it required to show the personal loan amount this year in Balance Sheet under “Sources of Funds” ? This loan was entirely for personal purposes and has nothing to do with the Intraday/F&O trading I did first time last year. I am not going to claim deduction for loan interest either.

  2. I want to show my closing bank balance as on 31st March as my capital in Balance Sheet. I have 3 savings accounts including 1 in post office - should I enter total balance of all the 3 accounts ? Or just enter the balance of the account I usually use for trading ?

  3. I received some amount last year from ‘Money Back’ insurance policy as survival benifit due every 5 years. Premium is less than 10% of sum assured. This amount does not appear in 26AS, AIS or TIS and no TDS deducted. Am I required to show this amount anywhere in ITR 3 (like in Exempt Income etc.) ?