Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?

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AJAYI (Querist)
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12 January 2025 For calculating the peak balance, should i consider the per day balance at the end of the day or after each transaction? Also, the statements reflects the posted balance for each day, should i include only the posted balance or the pending balance.

For example lets say, I deposit 100 dollars and take out 50 dollars - > the balance at the end of the day would be 50 but the maximum balance on that day would be 100. Which should be considered?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 January 2025 The highest value the asset reached during the financial year.
Consider 100 as it's the peak value.

AJAYI

AJAYI (Querist)
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12 January 2025 Thank you sir. Should I consider only the posted transactions or the pending ones need to be considered?
Also the statements have only the values at the eod. should I try to calculate myself after each transaction?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 January 2025 Consider only posted transaction.
For the sake of convenience consider values at the EOD.

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