Fno Trading

I am a retired Senior Citizen, I am getting different opinions on Tax Audit for FnO Trading. I am trading in Fno and my turnover for FY20 was less than 10 lacs. Since, i have incurred a loss of around 25,000/- in a Financial year, some experts have advised my a Tax Audit. But my understanding is since my total taxable income from Other sources is also below INR 2.5 lacs, Tax audit should not be applicable to me even if there is a loss in FnO.. Seek expert opinion on this?
Replies (2)
Quick Summary
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.

No tax audit not applicable as f&o loss is a normal loss.

Trunover in future and options as per trading wise is different and as per income tax act wise different as per your saying you incurred a loss and limit also below so as per your saying no tax audit is required 

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