Shishir Nayak
((Expert))
(369 Points)
Replied 04 April 2015
IN India only person authorised by Reserve Bank of India named as "authorised person" are only authorised to trade in forex. it is regulated under FEMA Act, 1999.
If it is your vocation that you do on a continuous basis then income from business / profession. If it is one off transactions then income from other sources. The tax rate depends how you organise yourself. If you trade as individual / proprietorship, your income is taxed as per your slab rates. If you organise the business as a partnership firm or company, applicable rates for those entities apply.
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