Doubt about Balance sheet information - ITR 3

[Surbhi_Pal]

Hi @moorthi,

Apologies for missing out on this. The balance sheet you are required to fill will contain the details of the assets and liabilities related to the business, which is trading in your case.

Hence, your personal assets and liabilities like investments in life insurances, PPF etc. need not be mentioned. You are not required to mention equity investments as well if you are not reporting your capital gains as business income.

You can add assets like laptops and claim depreciation on them if they are being used for trading.

@moorthi

How to enter the Duties & Taxes & Transfer charges like STT, Stamp duties, Brokerage & etc ?. Should I enter manually calculate from Zerodha P&L report or is it already added.?

For adding expenses, you’ll have to go to incomes > business & profession > select the business > expenses.

@moorthi

And last, so far I filled my ITR-1 under old regime but ITR-3 default new regime. If I try to change, it’s asking form disclosure of 10IEA. For me, right now no issue with new regime but some of friends feels old regime who has housing loans. What’s your advice for them & how to change to old.?

For individuals with business income, filing form 10-iea is mandatory if you wanna go for the old regime. Also, if you switch back to new, you’ll not be able to opt for the old regime again. For comparing the regimes based on what deductions you have, this thread can help you out: New vs Old Regime: Which is better in AY 24-25?