Tax on Forex Profits
- Thread starter sagard21
- Start date
Best way is to consider it as Business Income...Flat 30% tax. I am not sure if you can use Short Term Capital Gain as Tax. You might want to check with some CA/CS/Tax Consultant.
And yea...Wish you a Merry Xmas and a Happy New Year
And yea...Wish you a Merry Xmas and a Happy New Year
Merry Christmas to you too...
Ankit u mind if i chat with u now?
wat is ur gmail id??
it would be great if u help...
i promise i wont disturb u!:clap:
hey guys,
Let me propose a cheat from paying the taxes.. correct me if i am wrong.. and this is just a theory..
1) We have registered a trading forex account which is based in the US.
2) we tranfer funds via bank wire or via credit/debit card.
3) we start trading and start accumulating the profits.
4) now we are looking to withdraw some of the cash.
not ill put forward my theory...
5) we apply for opening a bank account in a tax free country.
6) the application goes through and account is opened and we transfer a marginal amount to this account from the account based here.
7) Again we transfer a little amount to the trading account( in order to register the bank details with the broker).
8) now we can transfer our profits to this new offshore account.
so after this is done we wonder how to spend this money
9) Apply for a credit/debit card with the offshore bank and get the card posted to our location:clap:.
10) Spend with the card
all this is a theory but it all seems fine.. if the transactions are not in magnitude of lacks every month then no alarms would be raised in the IT dept.
watching too many hollywood con movies
Nik.
Let me propose a cheat from paying the taxes
.. correct me if i am wrong.. and this is just a theory..1) We have registered a trading forex account which is based in the US.
2) we tranfer funds via bank wire or via credit/debit card.
3) we start trading and start accumulating the profits
.4) now we are looking to withdraw some of the cash.
not ill put forward my theory...
5) we apply for opening a bank account in a tax free country.
6) the application goes through and account is opened and we transfer a marginal amount to this account from the account based here.
7) Again we transfer a little amount to the trading account( in order to register the bank details with the broker).
8) now we can transfer our profits to this new offshore account.
so after this is done we wonder how to spend this money
9) Apply for a credit/debit card with the offshore bank and get the card posted to our location:clap:.
10) Spend with the card
all this is a theory but it all seems fine.. if the transactions are not in magnitude of lacks every month then no alarms would be raised in the IT dept.
watching too many hollywood con movies
Nik.
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