How do I declare my profits in binary options while paying income tax?
I'm from India and have been trading in binary options for a while now, and have made some profit which I will be withdrawing through an e-wallet (Skrill/Neteller). Under what section do I declare my profits when I pay tax? Is there any special process/other factors that I need to consider?
EDIT: I've seen people (such as Dheer here) claim that binary options are equivalent to forex. I'm sorry, but I can't accept this response without proper citation. From what I have read, it is very often considered to be a form of gambling, which is not at all illegal in India and is taxable.
EDIT2: If I were to convert my e-wallet money to bitcoin - can I sell these bitcoins, declare the sale and pay tax on it?
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Under what section do I declare my profits when I pay tax?
You have to declare this as income from other source and pay tax as per tax brackets.
I'm from India and have been trading in binary options for a while now
Trading in India on binary options is illegal. If you are using Forex from India for trading, this is not allowed as per Foreign Exchange Management Act.
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