Normal Balance Sheet (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 01-04-2023 to 31-03-2024 (Form 1 Year Balance Sheet)
   2. – Form 01-04-2022 to 31-03-2023 (Form 2 Year Balance Sheet)
   3. -Form  01-04-2021 to 31-03-2022 (Form 3 Year 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
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.
    • (If you want to file 3 years return then collect and send all the details required from FY  2021-22, 2022-23, 2023-24.)
    • (If you want to file 2 year return then collect and send all the details required from FY 2022-23, 2023-24.)

     

Benifit of having Balance sheet of  Proprietorship Firm :

1. Financial Position: Provides a snapshot of the financial health and position of the proprietorship firm at a specific point in time.
2. Decision Making: Assists in making informed decisions regarding investments, expansion, borrowing, or restructuring based on the financial standing of the firm.
3. Lending and Borrowing: Facilitates the process of obtaining loans or credit from financial institutions by providing a clear overview of the firm’s assets, liabilities, and equity.
4. Creditworthiness: Enhances the firm’s credibility and creditworthiness among suppliers, customers, and other stakeholders by showcasing its financial stability and ability to meet obligations.
5. Performance Evaluation: Enables the owner to assess the performance of the business over time by comparing financial data from different periods.
6. Tax Compliance: Helps in fulfilling tax obligations by providing accurate financial information required for income tax returns and other regulatory filings.
7. Transparency: Promotes transparency and accountability within the firm by disclosing financial information to stakeholders, including investors, partners, and employees.
8. Strategic Planning: Supports strategic planning by identifying areas of strength and weakness, enabling the formulation of effective business strategies to maximize profitability and growth.
9. Legal Compliance: Ensures compliance with legal and regulatory requirements by providing documentation of financial transactions and operations.
10. Risk Management: Assists in identifying and mitigating financial risks by highlighting potential areas of concern, such as liquidity issues or excessive debt.