Anyone tried online fx trading??

[Josbarr]

Happy New Year Folks!

Even though it's the second week of 2006

 

[ball_biswanath]

Can any one explain me about the tax return policy in india from Forex Trading income?

Thanks..

 

[aca_trader]

Can any one explain me about the tax return policy in india from Forex Trading income?

Thanks..

If you are an Indian Resident, this Income will be fully taxable in your hand in India. If any tax is paid by you in any foreign country against the forex income, you can claim credit for it in India.

For a non-resident, income from forex trading will not be taxable in India if the broker and his server are both based outside India. Otherwise, the money will be taxable in India. In this case also, credit for tax paid outside India, if any, can be claimed.

P.S.: Resident for the purpose of Income Tax Act,1961 means any person who was in India during the previous year ( Usually 1st April-31st March) for 181 days or more.

 

[aca_trader]

Is it legal to trade Forex from India? What are the formalities?

Alok

As to legality, resident Indian individuals are not permitted to engage into Forex trading directly on their own. However, as per Foreign Exchange Management Act (FEMA), an authorised person (authorised by the RBI) can undertake any transaction on behalf of other persons. All the scheduled banks and the permitted money changers are authorised persons. Hence, you need to check with the broker whether he is a person authorised by RBI to deal in Foreign Exchange. All the scheduled banks (Includes almost all the banks PSU, MNC, Pvt Banks) are authorised dealers.

Regards,
--Ashish

 

[sam_99]

This one surely must find a place on the list, if u wanna play online fx

http://marketiva.com//

It is a new fx provider from Switzerland Offering charts, fx news, signals, alerts and many indicators on one screen, it is exceptionally good for beginners in the trade.

You can open an account in a minute. You receive $5 on your live account and $10000 on your virtual account and you can play with until you learn the "secrets" of Forex

I'm a Us citizen and i couldn't join they don't accept the US citizen how come this?

 

[king_e]

I'm a Us citizen and i couldn't join they don't accept the US citizen how come this?

You are right they don't accept Us citizen but i think they are on there way to join this huge market i think this aweak point on their side but they will get through it sooner or later.

 

[jntrade]

Hi,
Why major banks and brokerages are not offering retail forex trading in India
eventhough they offers equity and derivative trading(Icici,kotek,hdfc,and other reputed brokers).
It would have been safe if they offer these services!

 

[king_e]

Hi,
Why major banks and brokerages are not offering retail forex trading in India
eventhough they offers equity and derivative trading(Icici,kotek,hdfc,and other reputed brokers).
It would have been safe if they offer these services!

I can't answer you question but i don't think it's not a problem since there are some brokers which we can trust.

 

[jntrade]

HI king,
Can you mention your favourit brokers!

 

[king_e]

HI king,
Can you mention your favourit brokers!

to choose your broker i think must have that points
low sperads , good support 'familiar and easy platform 'low withdrwal fees
for me i found all that in marketiva and the wondrfull support in every think i think it's for any bigineers the best now.