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2. Between Rs 1 Lakh and Rs 10 Lakh: The taxable value of transactions falling within this bracket is Rs 1, + % of the amount more than Rs 1 Lakh. The tax amount, however, remains at 18% of the taxable value. For tax purposes, forex options and futures contracts are considered IRC Section contracts, which are subject to a 60/40 tax consideration. · A 60/40 tax. If forex trading is a side gig, you are covered by the Trading Allowance. It allows you to earn up to £ of extra income tax-free. Anything.