Caclubuser (Accountant) (98 Points)
26 June 2019Dear 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 31st 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?
Akhil
(Student CA )
(1005 Points)
Replied 26 June 2019
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 26 June 2019
Caclubuser
(Accountant)
(98 Points)
Replied 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?
Monika Arora
(learner)
(347 Points)
Replied 28 June 2019
Correct; its the 10 lakhs of capital invested by the partner in the firm.
CAclubindia
