Turnover in case of F&O

In this case, since the transactions in shares are non-delivery based, it is only the net of the sales and purchases that is to be treated as turnover.

 Turnover of F&O is to be determined as follows –

• The total of favorable and unfavorable differences shall be taken as turnover
• Premium received on sale of options is also to be included in turnover
• In respect of any reverse trades entered, the difference thereon should also form part of the turnover.

Refer: turnover-balance-sheet-and-pl/

or in short /tax-on-f&o/