How To Pay Tax ON Forex Income

D

duster

Member
#8
#8
pcindia said:
What are you guys talking, you bring foreign currency here and pay taxes, lol!

There is no income tax on forex trading. When you withdraw, the money comes in the form of dollars or whatever your accounts runs in. Your local bank charges a conversion fee and that is what the' income tax is'.

If you want to rather pay income tax on this income, then you are eligible for the remittance of this conversion fee from your bank.

pc
Click to expand...
That's a rather naive post, I'm sorry to say this!

Virtually ANY income is taxable in MOST countries including India. Whether you pay your taxes or not - it's up to you, but legally you MUST pay taxes for whatever money you make in your life.

Once you receive your withdrawal from a Forex broker, you shall add it to your annual profits/income. When the moment comes - you shall pay your annual tax accordingly.

Technically speaking, even if you sell your old TV to a neighbor - you shall pay tax on that, but of course nobody does it and it's not feasible for the government to take control of that.
 
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