Which provisions of Income tax act would be applicable for calculating income tax on forex trading?
I have taken it as speculative business income. The absolute figures of profit and loss of all trades are totalled to get gross receipts. And profit is 6% on gross receipts under presumptive option 44AD. All calculations were done in foreign currency and then the final figures was converted to INR at SBI bid rate as on 31st March. Is this correct?
Are there any restrictions on forex trading by FEMA or any other regulations?
CAclubindia
