Hello everyone,
I need some clarity regarding ITR-3 filing for a combination of incomes and business activities. Here’s my situation:
- Filing ITR-3
- Sources of income:
- Salary
- Intraday trading (treated as speculative business)
- STCG from equity delivery (as a capital gain and not as a business)
- A separate business (as sole proprietor) with regular income and expenses
Doubts:
- Personal Loan Disclosure:
- I had taken a ₹ personal loan from a bank during the year Feb 2024.
- It was used only for trading and equity investments, not for my sole proprietorship business.
- Do I need to show this loan in the Balance Sheet section of ITR-3 FY 24-25?
- If yes, should it go under the trading business only?
- Multiple Businesses in ITR-3:
- Since I have two separate businesses (sole proprietorship + intraday trading shown as business), do I need to report separate Balance Sheets and P&L for each in ITR3?
- Should I add two separate business codes under the “Nature of Business” section?
- Missed Loan Disclosure Last Year:
- I forgot to mention this loan in last year’s ITR balance sheet.
- I didn’t claim any interest expense on it.
- What should I do now? Should I revise the return or just include it in the current year’s ITR with proper notes?
Additional Notes:
- I am not opting for presumptive taxation.
- I keep books of accounts for both businesses.
- No interest expense was claimed last year, but I may claim interest in the current year.
Would appreciate any advice from professionals or others who have handled similar situations.
Thanks in advance!