{"id":54990,"date":"2025-06-17T16:15:36","date_gmt":"2025-06-17T10:45:36","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=54990"},"modified":"2025-06-17T16:15:36","modified_gmt":"2025-06-17T10:45:36","slug":"handle-multi-business-balance-sheet","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/handle-multi-business-balance-sheet\/","title":{"rendered":"handle multi business balance sheet"},"content":{"rendered":"<p>sir,<\/p>\n<p>I need some clarity regarding <strong>ITR-3 filing<\/strong>\u00a0for a combination of incomes and business activities. Here\u2019s my situation:<\/p>\n<ul>\n<li>Filing ITR-3<\/li>\n<li>Sources of income:\n<ul>\n<li>Salary<\/li>\n<li>Intraday trading (treated as\u00a0<strong>speculative business<\/strong>)<\/li>\n<li>STCG from equity delivery (as a capital gain and not as a business)<\/li>\n<li>A separate business (as\u00a0<strong>sole proprietor<\/strong>) with regular income and expenses<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"emoji\" title=\":red_question_mark:\" src=\"https:\/\/qna.tax\/images\/emoji\/twitter\/red_question_mark.png?v=14\" alt=\":red_question_mark:\" width=\"20\" height=\"20\" \/>\u00a0Doubts:<\/p>\n<ol>\n<li><strong>Personal Loan Disclosure<\/strong>:<\/li>\n<\/ol>\n<ul>\n<li>I had taken a\u00a0<strong>\u20b9 personal loan<\/strong>\u00a0from a bank during the year Feb 2024.<\/li>\n<li>It was used\u00a0<strong>only for trading and equity investments<\/strong>,\u00a0<strong>not<\/strong>\u00a0for my sole proprietorship business.<\/li>\n<li>Do I need to show this loan in the\u00a0<strong>Balance Sheet<\/strong>\u00a0section of ITR-3 FY 24-25?<\/li>\n<li>If yes, should it go under the\u00a0<strong>trading business<\/strong>\u00a0only?<\/li>\n<\/ul>\n<ol start=\"2\">\n<li><strong>Multiple Businesses in ITR-3<\/strong>:<\/li>\n<\/ol>\n<ul>\n<li>Since I have\u00a0<strong>two separate businesses<\/strong>\u00a0(sole proprietorship + intraday trading shown as business), do I need to\u00a0<strong>report separate Balance Sheets and P&amp;L<\/strong>\u00a0for each in ITR3?<\/li>\n<li>Should I add two separate business codes under the \u201cNature of Business\u201d section?<\/li>\n<\/ul>\n<ol start=\"3\">\n<li><strong>Missed Loan Disclosure Last Year<\/strong>:<\/li>\n<\/ol>\n<ul>\n<li>I forgot to mention this loan in last year\u2019s ITR balance sheet.<\/li>\n<li>I didn\u2019t claim any interest expense on it.<\/li>\n<li>What should I do now? Should I revise the return or just include it in the current year\u2019s ITR with proper notes?<\/li>\n<\/ul>\n<hr \/>\n<h3><a class=\"anchor\" href=\"https:\/\/qna.tax\/t\/itr-3-handle-multiple-businesses-in-balance-sheet-how-to-report-loan-used-for-trading\/9032#p-23829-additional-notes-1\" name=\"p-23829-additional-notes-1\"><\/a><img loading=\"lazy\" decoding=\"async\" class=\"emoji\" title=\":brain:\" src=\"https:\/\/qna.tax\/images\/emoji\/twitter\/brain.png?v=14\" alt=\":brain:\" width=\"20\" height=\"20\" \/>\u00a0Additional Notes:<\/h3>\n<ul>\n<li>I am\u00a0<strong>not<\/strong>\u00a0opting for presumptive taxation.<\/li>\n<li>I keep books of accounts for both businesses.<\/li>\n<li>No interest expense was claimed last year, but I may claim interest in the current year.<\/li>\n<\/ul>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[1275],"qa_category":[23],"qa_tag":[1323],"class_list":["post-54990","qa","type-qa","status-publish","hentry","qa_expert-law-intern","qa_category-income-tax","qa_tag-itr-3"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/54990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=54990"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54990"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=54990"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=54990"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=54990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}