Balance Sheet (Fund and Application of Fund) [ITR-3] in case of FnO Loss & Intraday Loss and multiple broking account

Income Tax ITR Filing
1

Hi there.

Knowns -

  1. Multiple broking accounts are there and the capital deposited in them is used for multiple use that includes speculative and non-speculative business income/loss. And capital gains as well.
  2. Taking speculative and non-speculative (FnO and intra-day) under the book-keeping/non-auditing nature of business.
  3. Derives STCG and LTCG from the same accounts as well.

Question
For the purpose of the balance sheet, if just the business income related to trading (spec+non-spec) is to be considered - how to address the source of funds?

If sum total of broking accounts’ closing balance on 31st is taken as the source of fund, will that affect the ITR negatively? And in this case, if sum total is used, won’t the capital gains have to be added in the investments (application of funds)?

Thank you.

2

Hi @CA_Niyati_Mistry.

Hi @Surbhi_Pal.

Could you please address the question.Thank you.

3

Hi @harry,

You can total the broker balance and add it under source of funds. This is just for disclosure purposes and will not affect your tax liability.