Corporate Tax

Bank statements are just a record of cash coming in and out. They don’t really show when you actually earned money or if you owe anything. A lot of cash accountants (CAs) stick to statements because it's easy, but good bookkeeping means keeping track of your invoices, bills, and inventory.

Instead, you should ask your CA to keep “sales and purchase journals.” This way, you'll see your income and expenses as they happen, which gives you a much better view of your business than just looking at your bank balance.

@Pindi_Power It’s a good idea to verify this. India’s tax rules for foreign income can be tricky, and if you qualify as a tax resident, you might be required to report your U.S. salary. I recommend checking your residency status and seeing if you need to file Schedule FA or claim DTAA relief. It’s the best way to ensure everything is compliant and to avoid any surprises from the tax department.