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

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This discussion clarifies how to calculate the peak balance for Schedule FA reporting in India when using a US checking account. The consensus is to consider the highest balance reached during the financial year, specifically focusing on the posted balance at the end of each day. Pending transactions and intra-day fluctuations should not be the primary focus for this calculation.

AJAYI

AJAYI (Querist)

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)

12 January 2025 The highest value the asset reached during the financial year.
Consider 100 as it's the peak value.

AJAYI

AJAYI (Querist)

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)

12 January 2025 Consider only posted transaction.
For the sake of convenience consider values at the EOD.

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