What is the turnover value? The profit & losses I incur or the total trade value?

For e.g if i incurred a loss of rs. 500 in the whole financial year. Is this my total turnover for tax purposes (below 1 crore). Or say in the same scenario I incurred a loss of the same rs 500 but my trade value sms from nse was around rs. 1400000. So will it be rs. 500 or rs. 1400000 if I just took this transaction for whole financial year.

Also one more question is that the law says that even if turnover is less than 1 crore but profit is less than 8% of the turnover, I have to get audited. Is this applicable even if I don’t fall into a taxable slab as of yet.

Your turnover will be absolute sum of Profits+Losses.
The 8% rule is applicable if you’re in profit but net profit is less than 8%.

I am not sure if you need to get audited tough.

Illustration:

Assume you’ve traded for 2 days in the entire year.

Day 1

Bought 100000 shares of A @ Rs. 10 each
Sold 100000 shares of A @ Rs. 12 each

Profit: Rs. 200000

Day 2

Bought 10000 shares of B @ Rs. 100 each
Sold 10000 shares of B @ Rs. 90 each

Loss: Rs. 100000

Accordingly, Combined Turnover for the Year: Rs. 300000

where Profit is Rs. 100000. Had your Profit on the same turnover been less than Rs. 24000 then you would have been liable to Tax Audit.

Also, if you don’t fall into the tax slab you’re not liable to get audited. Check with your Accountant for details.

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Does This Turnover based on Profit and Loss is calculated by day wise or script wise. ?

In console, under P&L you can see realized P&L script wise. Now If I have loss of 100000 for stock A on day 1 and after I make profit of 50000 for same stock on day 2. So realised P&L will be -50000.

So, If we calculate this day wise turnover will be 100000 + 50000 = 150000.
and If we calculate this script wise turnover will be 50000 for this script.

Console provides you trade wise as well as scrip wise turnover, you can choose between any of the two methods.

How can I check this trade wise.