Posted by Binary Options Questions on Oct 7, 2011 in Forex | 4 comments
please let me know that should i pay income tax for the converted money
No, you need not pay income tax on the converted.
Payment of income tax depends on the way you earned your $ 1200. Whether you earned it outside India while working there and then brought it into this country?
If you are an Indian resident in 2010-11 (i.e. being in this country for 183 days or more), and if you have earned this some $ 1200 by working from India, then, you have to pay tax on the entire money, IF YOUR total income including this converted sum exceeds Rs. 1,60,000 (which is the basic exemption limit) for every every tax payer.
If you went abroad and got the money from one of your relatives as GIFT, then, no tax is payable.
A correct answer would depend on the correct answer to my question posed in the first paragraph.
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Yes in india that money is taxed, for more information on how to tackle the forex money kindly visit the link forex.
you should use a credit/debit card and make a deposit to your broker
I’m not sure where the guy above got his information but, there is no income tax on forex trading.
When you withdraw, the money comes in the form of dollars or whatever your accounts runs in. Your local bank charges a conversion fee and that is what the “income tax is”.
If you want to rather pay income tax on this income, then you are eligible for the remittance of this conversion fee from your bank.
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Posted by Binary Options Questions on Oct 7, 2011
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