Audit applicability Turnover calculation for Equity delivery trading

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1

Hello,
In the article “Income Tax on Trading - Learn by Quicko” it was mentioned that turnover calculation for taxaudit applicability in equity delivery trade is “Sales Value”?
While in the article Trading Turnover Calculation for Trading Income - Learn by Quicko, the same turnover calculation mentioned as “Absoute profit” for equity delivery trade.

Which is applicable at present, for the purpose of turnover calculation pertaining to taxaudit applicability in equity delivery trade?

2

Hello @Chelcia The calculation of turnover shall be applicable only when you consider Equity Delivery Trading as Business Income.

In such case, Turnover = Sales Value

In all other case i.e Trading in Equity Intraday / Derivatives, Turnover = Absolute Profit / Loss.

Hope, this solves your doubt.