Tax on options trading

F&O
1

I do only nifty and bank nifty options buying only . In zerodha it is showing a turnover of 2.5cr for the two quarters but my gross profit is only 2.3L and net 1.7L .I want to know

  1. Should I audit for current year
  2. Should I pay income tax on turnover or gross profit or net profit.
  3. Will there be any impact on tax that I should pay if turnover rises
2

@Quicko can you.

3

Tax is only on net profits. Tax payable will not change even on increase in turnover.