Trading in European market
This query is : Resolved
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.
Nikhil Kaushik
(Expert)
17 June 2017
please check with your bank whether the remittance for such transactions will require RBI approval or not.
as far as income-tax is concerned, as long as the income is properly accounted for and tax is paid, it is fine.
as far as income-tax is concerned, as long as the income is properly accounted for and tax is paid, it is fine.
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
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Query on effect of registration of property
- Visiting card purchase
- Wrong CMPo8 file
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Equity Share Sale and Purchase
- Whether output tax is taken credit by purchaser
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
