hello trader,
All what you need to know about taxation is explained here :
As mentioned read zerodha varsity.
A person who have income(Net income after deduction) below 2.5 lakhs, No need to pay tax.(Refer Tax slab limit )
If your turnover is more than limit define u/s 44ab than you are liable for Tax audit. Mind well i am talking about Turnover not all transaction value. refer - http://taxguru.in/income-tax/increase-tax-audit-limit-business-rs-2-crore-profession-rs-1-crore.html also https://tradingqna.com/3831/futures-%26-option-turnover-calculation-for-taxation
thnx