I will be day-trading futures contracts in a foreign market, using an individual account with a brokerage based abroad.
My understanding from reading multiple posts in this great site are: 1. Since I will be trading futures and options, my income will be classified "Income from Business".
2. Since the exchange will not be recognized by SEBI and/or there will be no PAN account number on the transaction note, etc.., the income will be further classified as "Speculative"
Given I will be trading using an "Individual" account, and will be trading from home AND my income will be classified as "Business" - Can I file the my Income tax returns as an "Individual" or do I need to be a "Sole Proprietor"?
In either case, will I need to pay any other taxes in addition to the Income tax?
Thanks for the prompt response. However, could you please elaborate on my queries in my original post?
>> Can I file the my Income tax returns as an "Individual" or do I need to be a "Sole Proprietor"? >> In either case, will I need to pay any other taxes in addition to the Income tax?
CAclubindia
