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Clarification on binary trading on paying taxes on the same
19-Jun-2023 (In Startup Law)
I have made my account in IQ options binary trading platform for trading. I am being guided and helped on trading by the expert provided by the platform itself. Most of the time he is trading on my behalf. Till now I have not started trading but if I do and Get profit and subsequently pay tax on it to the government. Will it stay legal . Please guide me accordingly .
Well if you are living in India currently and using your Indian bank account/ credit card for binary trading there may be legal complications under Indian law and the law does not really permit such trading. While it may be argued that the RBI has not spoken on the specific issue of binary options, it is largely understood that it is not permitted. You may refer to previous RBI notification which are more generic in nature. The main issue with such trading is that it has elements of speculation which is not permissible in any case.
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Adv. Joydeep Nath
Delhi | 100+ Answers
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Yes, unless you evade taxes in any way it becomes illegal. However, when you show the profits as your gain and then pay taxes on it, the same shall not cause any harm.
The information provided in this post is limited, it is advisable to contact a CA as well.
The information provided in this post is limited, it is advisable to contact a CA as well.
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Adv. Saket Bisaani
Bangalore | 100+ Answers
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