Forex income & taxation issues

[cypherbond]

Hi,
I recently started trading in forex & I earned descent pofiit through it. I'm using moneybookers or paypal for transactions. Then the amount is transferred to my account. Now the problem is that the transactions through these services are entitled as "moneybooker" or "Paypal transaction ID". So I'm concern about what type of transactions these will be classified in and I would like to know related issues. What do all other forex traders do in such case? Any intelligence to throw light on this subject will be much appreciated.

 

[comm4300]

Hi,
I recently started trading in forex & I earned descent pofiit through it. I'm using moneybookers or paypal for transactions. Then the amount is transferred to my account. Now the problem is that the transactions through these services are entitled as "moneybooker" or "Paypal transaction ID". So I'm concern about what type of transactions these will be classified in and I would like to know related issues. What do all other forex traders do in such case? Any intelligence to throw light on this subject will be much appreciated.

there are many services provided by Freelancers in India. these people too earn income in Dollars into their paypal account.

You could term the income as "service fee" or something like that...

 

[pkdoo7]

aage se paypal ya MB se paisa mat lao , jitna laya hai stop karo , FEMA 1999 aapko IT ke dayre main aane se pahle bhi capture kar sakta hai , aur 3 times penalty dena padega . yani
jab tak rule allow nahin karta aap kisi bhi tarah se na to forex main remit kar sakte ho aur nahi with draw ye hi satya hai .