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.
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no your accounts won't be blocked by appearance of lakhs. just make sure you are not violating FEMA and pay you advance taxes and final tax on time. FEMA has restrictions around money being used as margin money in Foreign trading accounts
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