Turnover is not calculated like that columbus, it is still the sum of settlement profits + Losses. It is explained here:
http://zerodha.com/z-connect/traders-zone/taxation-for-traders/taxation-simplified
The issue is with section 44AD. Apparently there will be over 5 million automated notices that will be sent by the IT department after the end of this FY. So something has to be done before this happens.
No one else did it (we asked our clients, ICAI, the exchanges, other members). So we thought why not do this ourself, not as Zerodha but as an individual. an online petition addressed to minister of finance, minister of state - finance, and chairman CBDT, to exclude business of trading from Section 44AD.
https://www.change.org/p/minister-o...-securities-and-derivatives-from-section-44ad
We have put this up on change.org. So irrespective of who you are (client, competitor, onlooker), if you want the derivative markets to be vibrant, make sure to support the cause and get as many people to support it as possible. if we can make this loud enough, the ministry will be forced to take an action.