if the person indulge himself in the business of forex trading such income shall be taxable under the head "Business Income". In other case it may be covered under the head " Income from other sources". Tax rate applicable applicable to individual is charged on such income.
If it is your vocation that you do on a continuous basis then income from business / profession. If it is one off transactions then income from other sources.
The tax rate depends how you organise yourself. If you trade as individual / proprietorship, your income is taxed as per your slab rates. If you organise the business as a partnership firm or company, applicable rates for those entities apply.
can anyone explain me what is forex trading . whether it is anything relating to export sales and when the transaction is settled we end up with exchange fluctuation is this called forex trading.
Forex trading is not related with export sales. If some one Trade Foreign Currency then it will called Forex trading. The export sales are different from it IN export sale the profit/loss is not depends on forex rate exchange fluctuation is just matter of chance where as in forex trading the trader depends on fluctuation profit & loss