Estimated Balance Sheet FY 2024-25 (Non-Auditable)

Required Documents :

1. -Form 16 (TDS Certificate from employer) if not, Then salary details and Name and address of Employer
2. – All Bank Statements:
   1. – Form 01-04-2024 to at Present date (For 1 Year Estimated Balance Sheet)
3. – PAN Card
4. – Aadhaar Card
5. – Details of Income (Salary, Business Income, Capital Gains, etc.)
6. – Details of Business/Profession Nature (Sales, Purchases, Gross Receipts and Details of Expenditures)
7. – Details of Deductions (80C, 80D, etc.)
8. – Details of Taxes Paid (Advance Tax, TDS, etc.)
9. – Details of Foreign Assets and Income (if applicable)
10. – Email id
11. –  If there is any loan then all the loan details from 01-04-2023 to 31-03-2024  &  01-04-2024 to at Present Date
12. –  Investment details (FD/RD/Mutual Fund/Pension Fund/Shares/Gold/Silver/etc.)/Investment in movable/immovable assets
13. –  Receipts of insurance premium paid (self/family)
14. –  Health Insurance Premium Paid Receipts (Self/Family/Parents)
15. –  Payment receipts of children’s tuition fees.
16. –  Demat Capital Gain Statement from Broker Handle in Excel Format.

Benifit of having Estimated Balance sheet of  Proprietorship Firm :

1. Quick Assessment: They allow for a rapid evaluation of the financial position of a business, particularly when precise data is unavailable or time is limited.
2. Strategic Planning: Estimated balance sheets can aid in strategic planning by providing a baseline for decision-making when detailed financial information is not yet available.
3. Hypothetical Scenarios: They enable businesses to explore hypothetical scenarios and assess the potential impact of various decisions on their financial position.
4. Budgeting: Estimated balance sheets can assist in budgeting processes by providing rough estimates of income, expenses, assets, and liabilities.
5. Risk Management: They help identify potential financial risks and vulnerabilities early on, allowing businesses to implement risk mitigation strategies proactively.
6. Investor Communication: Estimated balance sheets can be useful for communicating with investors, stakeholders, or lenders during the early stages of a business venture.
7. Decision Support: They provide a foundation for decision-making, allowing businesses to make informed choices based on available data and assumptions.
8. Flexibility: Estimated balance sheets offer flexibility in adapting to changing circumstances or new information as more accurate data becomes available.
9. Resource Allocation: They assist in allocating resources efficiently by providing a rough estimate of the financial resources available to the business.
10. Initial Planning: Estimated balance sheets are valuable tools during the initial planning stages of a business or project when detailed financial information may not yet be available.