Fno Trading

A retired senior citizen with FNO trading turnover under 10 lacs and a loss of £25,000 is seeking clarification on tax audit applicability. Despite incurring a loss, some experts suggest an audit. However, the individual believes no audit is required as their total taxable income, including other sources, is below £2.5 lacs. The consensus from the discussion is that a tax audit is likely not required in this scenario, as FNO losses are considered normal losses and the turnover limit is below the threshold.