Do I need to pay tax in India ?
I am an Indian resident.I am in to online forex trading with a foriegn broker. Say if I have a profit of 1 crore in the forex account abroad.Do I need to pay tax in India for that 1 crore? or If I transfer 20 lakh to my Indian savings bank account in a financial year from the forex account abroad, What will be my taxable income ?? 1 crore or 20 lakh ??
well felix i was telling about the NRI account i guess. i cannot open a normal account in india afterall and not even openned a NRO account still.
What i understand from above is that you are making a point to transfer your foreign income to your indian saving account which will be highly taxed.
Inorder to save the Tax you need to transfer your funds to NRE Account...which will not levy any tax on Foreign income.
Have a good day
Regards
Peter
hello friend
you have to pay the tax in india.because the govenmt like to feed & live with our (NRI) money. if your account limit is more than 2 lakhs then they will charge tax for that. take a pan card then the percentage of the tax they are going to take will be less.