Pl rephrase the question. Your question is not clear
Can we pay taxes on profits trading Forex on major pairs in India
I would like to know whether we can pay taxes for the gains trading online Forex on major pairs in India or not...
Asked 8 years ago in Capital Gains Tax
I am sorry sir your question is not clear. Please rephrase it.
I am talking about Forex trading in India. I heard that there are some restrictions on trading Forex in India, saying that we are allowed to only trade INR involved pairs and we can pay taxes for such trading legally. However, I see a lot of Forex companies in the Internet which offer Forex trading in India on all other currencies as well, which we are not supposed to, it seems, but I hope many people are making profits trading Forex online through those brokers. I don't understand how those traders show profits in tax and get exempted from govt. Is there any way to pay tax for the amount earned trading Forex online in such way in India? Hope you can understand what I am talking about and expect a detailed answer to my question. Thanks
Asked 8 years ago
Dear Sir,
This all platform are engaged in daily based speculative activities and their speculative activities are taxed at full rate without allowing ANY EXPENSES incurred on the business. also if you incurred any loss out of this income than same is also allowed to set off against speculative income only.
The amount they are earning is offered fro tax at full rate i.e. 33.34% and accordingly they can claim it as their genuine income source.
Hi Vishrut, Thanks for your reply. I would like to know if the above is applicable to traders trading international Forex?...Are we legally safe?
Asked 8 years ago
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