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praveen (Querist)

15 June 2017 hello sir, I'm planning to trade in a option market which is regulated by cyprus. I have learnt strategies to get profits. I think that I will get income of 5-10 lakhs per month in foreign currency and it will be transferred to my Indian bank account in INR. till now I'm student and have no income which is to be taxed. I'm investing my savings in market and will be getting profits. I will pay the tax and tell them the source of income, will they block my bank account if they see lakhs in my account?? which is best savings account or current account?? what should I do if they ask my it returns?? till now I didn't filed it as I don't have taxable income.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

15 June 2017 In the circumstances explained above your ac will not be blocked when you bring foreign currency through banking channel. You can file return only when you have taxable income.

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