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Forex trade olymp itr filed compulsory

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This query is : Resolved

Quick Summary

If you've started trading on Forex Olymp Trade and earned taxable income, filing an Income Tax Return (ITR) is compulsory. Even if your income isn't taxable, you must file and disclose foreign Demat, broker, or bank accounts in Schedule FA if you've opened them for trading. This applies to ITR2/3 filings.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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17 April 2024 Sir,
A person new started forex olymp trade investment some amount and some transactions trading
Question:
Assessess itr returns filed compulsory or not.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 April 2024 If you earn taxable income then only it's compulsory.

Message likes : 1 times

Nikhil Kaushik

Nikhil Kaushik (Expert)
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18 April 2024 here is my suggestion. if for this trading you have opened a foreign Demat/broker account or bank account etc, please file ITR2/3 and disclose such assets in Schedule FA regardless of whether you had a taxable income or not.

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