REPLY PLS. In futures Turnover Means?

  1. turnover means?
    For example -The transcaction have to recorded btwnn Trader & Broker not with Stock exchange?
    For ex, a person puchase
    1 future contract for Rs.10k (margin)amt &
    Actual cost of contract 7Lakhs
    & solds at 7.01L
    Profit being 1000 .
    So purchase in trader book is for 10k or 7L?

For future turnover would be absolute profit/loss

Sir can u please read situation and tell me according to that please

My mean is to say that as I paid only margin 10k to buy 1 lot. sold that future lot and got 11000 so turnover is this 11k?
Actual future contract cost 7L
Sold 7.01L

Which one is turnover? 11k or 7.01L ?

Posted in wrong thread

For calculation of Exchange Transaction Taxes, Stamp Duty, SEBI charges, your turnover is 7+7.01= 14.1L
For Income tax audit purpose its 1000.