Profit from forex
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2014
i want to know that under which head will the profit from sale of dollars will be booked ?
it is not his profession\business
it is not his profession\business
Nikhil Kaushik
(Expert)
13 June 2014
if it is a one-off transaction, then it can be offered under "income from other sources"
otherwise it would be accounted as business income only
otherwise it would be accounted as business income only
Message likes :
1 times
13 June 2014
if ur not an authorised dealer and if u dont have such business then it will be income from business income else income from other sources.
Nikhil Kaushik
(Expert)
13 June 2014
tushar, under income tax authorised or non-uathorised doesnt make a difference.
even illegal exchange of forex would be taxable under business income head if it is being carried out as an regular activity.
even illegal exchange of forex would be taxable under business income head if it is being carried out as an regular activity.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Non filing of I T Returns
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Import of Software Service.
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
