my client earned Rs.12 lakhs in speculation in shares.
for tax audit is this is turnover taken.
Multiply the purchase value by the lot size and then multiply the sales value by the lot size.
The difference between this gives us the profit or loss, which is the turnover.
Add these absolute values to get total turnover, for future transactions.
Total Options turnover (across all the transactions done in a given year) = Total profit – total loss + total premium received for the sale of Options – total premium paid for the purchase of Options
The turnover for intraday - speculative trading is the aggregate or absolute sum of both positive and negative differences from trades
Rs. 12 Lakhs must be the profit after adjusting the losses.
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