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Turnover calculation of F&O

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(Querist)
17 June 2022 I would like know how to calculate turnover for trading made in Futures and Trading made in Options. what is the limit for tax audit?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 June 2022 In simpler terms, under F&O trading, the turnover of futures will be the absolute profit, which is the sum of positive and negative differences.
Tax audit applicable when such turnover exceed 1 crore.
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CA Puja Sharma

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CA Puja Sharma (Expert)
17 June 2022 The tax audit limit is Rs. 1 crore for business and Rs. 50 Lakhs for professionals.
The tax audit limit will be increased to Rs. 10 core for businesses which have cash receipts and cash less than 5% and all other transactions are through digital modes.
For turnover calculation, you can refer to this below link:
https://www.caclubindia.com/forum/calculation-of-turnover-in-case-of-f-amp-o-trading-364309.asp
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