Investors in leasing transactions via Grip become partners in a Limited Liability Partnership (LLP). Any person that earns income/profit by being a partner in a LLP is required to file ITR-3.
As a partner in a LLP, it is mandatory for you to file income tax returns, even if you are earning post tax returns. While there will be no additional tax liability for your returns from investments via Grip, it is mandatory to disclose all sources of income.
The financial year in India begins on the 1st of April and ends on the 31st of March next year. So any income earned/accrued between 1st April 2021 to 31st March 2022, needs to have the income tax returns filed on or before 31st July 2022.