Calculation of turnover in case of f & o trading

The meaning of turnover for in case of transactions in Futures and Options of shares is not defined under the I T Act In case of derivative trading-Futures and Option- the difference on which the contract is purchased or sold is important. Although the value of contract is number of contract multiplied with the shares price , yet what is actually given or taken is differential amount in contract. For example if you purchase a future contract for Rs 105 for a share having a lot of 100,you pay nothing at the time of buying a contract, yet at the time of expiry if contract , you are either gainer or loser which is determined whether there is positive or negative difference. So , for the purpose of determining the turnover in case of future and options , for the purpose of 44AB , based on the guidance note of ICAI , following items should be considered to constitute turnover:-

•  The total of positive and negative differences , plus
• Premium received on sale of options is also to be included in turnover ,plus
• In respect of any reverse trades entered, the difference thereon But not the total value of contract.

Hi,

I am trading in Future and Option and also have investment in Shares. I have loss of Rs 5.6 lacs from trading F&O and turnover is Rs 31.48 lacs (this is sum of profit or loss balance from trading, ignoring negative balance) Eg: Bought 1 lot of reliance for Rs 1,00,000 and sold at Rs 1,10,000. so loss 10,000 and bought 1 lot of wipro for Rs 2,00,000 and sold at Rs 2,20,000 so profit of Rs 20000. Did I calculate turnover correctly and what total sales and purchase amount to declare in ITR form under business section in this case.

Also I have income as follow FNO    (560,000)

Interest from others    192,500.00

Dividend    22,000

Total income/(Loss) - -3,45,500

Do I need my book to get audit and do Section 44AB or 44AD or 44AA apply to me?

Thanks