What is capital balance on 31st march in the firm in itr-3?

ITR Filing 2949 views 4 replies

Caclubuser

Accountant

98 Points Posted on 26 June 2019

Dear Experts,

There is a tab named ‘Schedule IF’ in ITR-3 of AY 19-20. What is the meaning of ‘Capital balance on 31st March in the firm’ field in that tab? Is it Total Capital Balance of the firm or Amount of share of the individual (assessee) in the Total Capital of the firm?

E.g if the Total Capital of the firm as on 31^st March is Rs. 20 lakhs in which the individual’s share is Rs. 10 lakhs, what amount should I put in that aforesaid field? Is it 20 lakhs or 10 lakhs?

Replies (4)

Akhil

Student CA

1005 Points Posted on 26 June 2019

that relates to individual.....correct me if i am wrong

Giridhar S Karandikar

Team Lead

7558 Points Posted on 26 June 2019

I believe you are filling the form for the partners. So it shud be individual partners capital balance and not the whole balance standing in the books of the firm

Caclubuser

Accountant

98 Points Posted on 28 June 2019

Yes Sir! I am filing the ITR-3 for one of the partners of the firm. So, as per my example in the question, Rs. 10 lakhs should be put in the aforesaid field. Right?

filling the form for the partners

Read more at: https://www.caclubindia.com/forum/what-is-capital-balance-on-31st-march-in-the-firm-in-itr-3--518618.asp#reply

you are filling the form for the partners.

Read more at: https://www.caclubindia.com/forum/what-is-capital-balance-on-31st-march-in-the-firm-in-itr-3--518618.asp