Advice on How to calculate the peak balance needed for schedule FA in India for US checking account?
This query is : Resolved
Quick Summary
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?
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
(Expert)
12 January 2025
The highest value the asset reached during the financial year.
Consider 100 as it's the peak value.
Consider 100 as it's the peak value.
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?
Also the statements have only the values at the eod. should I try to calculate myself after each transaction?
CA R SEETHARAMAN
(Expert)
12 January 2025
Consider only posted transaction.
For the sake of convenience consider values at the EOD.
For the sake of convenience consider values at the EOD.
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