How to show expenses in schedule bp in itr-3 in case of income earned from firm only
ANURAG BANSAL (20 Points)
19 October 2018ANURAG BANSAL (20 Points)
19 October 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185057 Points)
Replied 20 October 2018
Fill the amount in Column 'A32' of 'Schedule BP'
ANURAG BANSAL
(20 Points)
Replied 20 October 2018
Dear Sir, Thank you v much for your reply. I have one more query. If in the above case, when i have borrowed money from Mr. A, i have invested part of it as Capital in the Firm, and part i have given loan to Mr.B. Now sir interest income that i am earning on capital investment in Firm and from loan given to Mr.B, will both be together mentioned in Column A24 of Schedule BP. Will in this case "Nature of Business" shall remain as "Share of Income from Firm Only", or shall it change to any other Head? Kindly please advise sir. Thanking you in advance.
ANURAG BANSAL
(20 Points)
Replied 20 October 2018
Or sir will we show income from loan given to Mr.B as "Others" in Interest Income in Schedule "Other Sources", and keep the Nature of Business head same? Do we need to bifurcate the Interest paid to Mr.A on loan in Column A32 of Schedule BP in case of interest earned from firm and U/s 57 in case of "Other Sources" in case of Interest earned from loan to Mr.B, or can we put them together under Bp, as the net computation shall remain the same? please advise sir. Thanking you.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185057 Points)
Replied 20 October 2018
Show income from loan given to Mr.B as "Others" in Interest Income in Schedule "Other Sources", and keep the Nature of Business head same. Deduct interest part that is given as loan to firm only.
ANURAG BANSAL
(20 Points)
Replied 20 October 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(185057 Points)
Replied 20 October 2018
Yes.... against corresponding interest income...
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