LOKESH ARORA (Manager) 28 December 2020
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?
ayusmita (Tax consultant) 28 December 2020
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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