Taxation for income from forex..

[din_chan]

Hi forex experts...

can anyone tell me, the taxation details for income from forex trading via online forex trading platforms? how should we mention the income on our IT returns? Will it be treated as short term capital gains? or as bussiness income?

Thanx in advance.

 

[moneygurukul]

Hi forex experts...

can anyone tell me, the taxation details for income from forex trading via online forex trading platforms? how should we mention the income on our IT returns? Will it be treated as short term capital gains? or as bussiness income?

Thanx in advance.

Business Income.

 

[din_chan]

any further info on which form should be used for filing return, and what category should we put the income into?

 

[moneygurukul]

any further info on which form should be used for filing return, and what category should we put the income into?

The form depends upon number of factors like your status as person and other sources of income you do have. Visit www.incometaxindia.gov.in to select the right form. Category of Income would be "Profits & Gains from Business or Profession".

 

[din_chan]

thanks for the reply, moneygurukul.

 

[ompeompe]

Lucky me guys, there's no tax whatever gains I made. I mean, in my country off course(Indonesia). Goddamn it, I live in country with full of corrupt politicians.

 

[newtrader101]

Hi trader friends, is it safe to give my ITD credentials to the CA/ TAX consultants?

 

[FXO_trader]

Hi trader friends, is it safe to give my ITD credentials to the CA/ TAX consultants?

It seems to me that it is dangerous to transfer any ITD credentials

 

[Jessie]

Income from forex trading is typically taxed as capital gains or ordinary income, depending on your country’s tax laws. In the U.S., it can fall under Section 1256 or Section 988. Consult a tax professional for specific guidance based on your jurisdiction and trading activity.

 

[Oscar_0]

Forex tax obligations for non-US citizens vary by country. Generally, profits may be subject to local income tax or capital gains tax. It's crucial to consult local tax regulations or a tax professional to ensure compliance with your country's specific requirements.