Do we need to put total buy value and sell value of options to arrive at Gross profit/loss or use turnover instead. If turnover is used, Gross profit or loss will not match as per broker’s statement.
Hoping you must have done intraday and futures and options.
The turnover need to be calculated as per the guidance note and as per the Income tax act.
And you must calculate you turnover accordingly.
Also, there are changes in the form this time. You must consider that in mind.
Hi @AJ_cubehead98,
For F&O, to arrive at the gross profit/loss you need to add the buy and sale value in Quicko. Next, you will also see the option to enter your turnover, which you can add as per the broker’s statement.
Hope this helps!
In accordance with the Income-tax Act and Guidance Note, calculate turnover for intraday and futures & options. Be aware of and account for updated forms changes this year when completing ITR-3.