Forex trading tax in india

ankquo (Querist) 12 January 2015 This query is : Resolved
I have a forex account from Jan 2015. I am trading with this account and I get profit of $50 (Rs. 3000/-). But i didn't draw that profit from my account.

I do a job apart from forex and my salary with this is 6 Lac/PA.

Question: Do I have to pay any tax on forex trading account.

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Guest (Expert) 13 January 2015
Dear Author,Get a Practical solution From Professioal CAs by Visiting/Posting this to CA Club of this same Forum whose EMail Id posted just below this Thread itself

Sunil S Nair (Expert) 13 January 2015
Dear ankquo

Can I know your Nationality and from where do you operate Forex account in India state full facts

malipeddi jaggarao (Expert) 13 January 2015
If you are a Government or Public Sector employee, as per your conduct regulations, you are not supposed to do online trading. Please checkup your service conditions. If you are a private sector employee, add this profit to your salary income, determine the tax liability and file your IT return.

Rajendra K Goyal (Expert) 13 January 2015
FOREX trading is subject to many rules and regulations and restrictions.

Any income earned in India is subject to taxation provided specifically exempted.

T. Kalaiselvan, Advocate (Expert) 17 January 2015
The taxes on any online trading is suffered at source hence there is no need to pay any additional income tax on it.

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