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.
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.