I am a share trader. I do trading in Future and Options.
Some time I have profits and sometime I have loss.
How do I calculate turnover of my business (share trading)?
If you take a lot price as base, then my turnover may be more than 1000 crore in a year. In F&O segment, we can buy a lot with margin of Rs. 50,000 but actual trade value will be more than Rs. 5,00,000.
So whether margin will be considered for turnover calculation or actual lot price?
Whether a share trader, trading in Futures and Options (F&O) should get his trading accounts audited under section 44AB of Income Tax Act if turnover is more than Rs. 2 crores?