What proofs are required for a Networth Certificate?

Networth Certificate is a document that includes all the assets and liabilities of an individual. It highlights its overall net worth. It is required for various purposes such as while applying for a loan or credit, visa, etc. To apply for this certificate an individual required certain proofs. These proofs include address proof, identity proof, bank statement, and many more. To get a better understanding of these proofs read this complete article. 

What is networth certificate?

A Networth Certificate is a document that showcases all the assets and liabilities of an individual or company. This certificate is compiled and certified by a chartered accountant only. This certificate is generally required for various applications for the decision maker to gauge applicant’s financial health. This certificate works for better understanding of an individual's capacity to repay the loan or credit. Also it helps to know whether an individual can survive in foreign country if applying for a VISA. 

What proofs are required for a Networth Certificate?

To apply for the certificate, one needs to follow a basic procedure. This procedure includes some proofs and details, they are as follow: 

• Identity Card: You are required to submit one identity card for confirmation purposes. It can be a PAN Card, Aadhar Card, or any other identity card. 

• Address Proof: Address proof is a document that verifies where you live. It can be a Passbook, electricity bill, or any other address proof. 

• Contact Details: The information required to contact someone. It includes email, phone number, etc. 

• Income Statement: A financial statement that lays out a company’s revenues, expenses, gains and losses, during a set accounting period. 

• Balance Sheet: A financial statement that contains details of a company’s assets or liabilities at a specific point of time. 

• Bank statement to ascertain bank balance: It is a monthly financial document that provides a summary of the account holder’s activity. 

• Property Documents: It is a legal document that states on whose name property is issued. 

• Investment Records: Investment records highlight the current worth of all investment. It includes mutual funds share, public provident funds, fixed deposits, etc. 

• Loan Documentation: It is a legal agreement between an institution and borrower to repay the loan. It includes details of the money borrowed along with date, time and interest. 

• Tax Returns: A document filed with the tax authority that reports income & expenses and other relevant financial information. 

Lists of assets and liabilities included in networth certificate

While applying for a networth certificate you need to mention each and every single detail of your assets and liabilities. In case of any mistake and false information, your certificate can be canceled. It is better to prepare a list of your assets and liabilities before applying for your certificate. Following is the list of assets and liabilities one need to mention while applying for networth certificate: 

Why Bizfoc?

Bizfoc supports and guides their client not only during the process but also after getting their certificate. We will guide you throughout the process in gathering documents and ensuring accuracy and compliance. You can consult with our experienced team and they will guide you with every small step. 

Conclusion

Networth certificate is a document that outlines all the assets and liabilities of an individual. There are certain proofs required to obtain your certificate. One should gather these proofs timely while ensuring there is no mistake or false information. Incase of false information. Your certificate can be canceled anytime. Also they need to mention each and every single assets and liabilities. 

Frequently Asked Questions (FAQs)

• What are the proofs required to obtain a networth certificate?

Proofs required to obtain a certificate include identity proof, address proof, bank statement, balance sheets, property document, etc. 

• What is the fee for a networth certificate?

The fee for a networth certificate is just ₹2500/- with Bizfoc.

• How much time does it take to get networth certificate?

It takes only 24 hours to get your networth certificate. 

• Is UDIN mandatory to be put in a Networth Certificate by a Chartered Accountant ?

Yes, Networth Certificate is not valid unless valid UDIN is generated by CA and mentioned in the certificate. UDIN authenticates the certificate.