F&O in ITR 3 (Filing, Audit, Turnover calculation)

1. you can show it as business loss unless you trade say if only 2 to 3 trades
2.if you're income trunover cross 1cr you will
3.calculation depends upon
total favorable and unfavorable difference
premium received on sale of options
the difference in any reverse trade entered
then the expenses

so in my opinion just ask your broker to give you capital gain statement

Thanks, @ ayusmita. 

So from what I understand, if I buy an option with lot size 3000 at Rs. 110 and sell it at Rs. 100, my turnover would be 33,00,000:

10*3000= 30,000

and 

1000*3000= 30,00,000

Is that correct?

Where's you get 1000

Oops, sorry. I meant 

100*3000= 300,000

That would make my turnover 330,000 correct?

No that is not the trunover

But why you need to calculate trunover

I want to know if it's above or below the 1 crore mark. That would help me figure out if I need an audit right?

Simply ask your broker  to gives you capital gain statement of future and options trading for the year 

Then difference the sale n purchase

And show in itr  

Ask the. Broker is it includes the expenses too I mean sometimes they do which is wrong 

If not deduct your expenses

The trunover of above is the summission of perimium and multiplication of lot value 

Which platform you using for share trading

I use icicidirect. I got the transaction statement and the P&L statement from them. 

Ask for capital gain statement

It will be easy for you to calculate 

The difference between sales and purchase value will be your income which you have to show in your itr 

In short period I can't tell you the calculation and same you may not able to understand

So saying

You have to take consideration all things to calculation 

So it's easy for you to get from capital gain statement  and then deducted the expenses and show in itr 

You have to show the income that derived from sales and purchase trunover

For example  of your above your trunover will be 630000

Where's as your income is negative

I got the capital gain statement that shows how much profit or loss I had from each trade. However, with the calculation that you've mentioned for turnover, it means that my turnover will easily go over 1 cr as I've done 20-30 such trades. 

Sir in trading trunover easily crossed  to 25 cr  when you trading in option and future that doesn't not considered as income or tax audit if you did not make profit income from it above 1cr or 1cr 

And you saying in above you make a loss then no need of audit

Yes, the turnover is very huge in F&O especially in options. That's why I was wondering why I would need audit when my income isn't anywhere even remotely close to 1 cr. But when I read online the websites said that you need to calculate your turnover this way by adding premium value so I was wondering. 

Sir simply file your return by filling ITR 3

Including all the details

As you getting loss as per your saying

No need to audit