This facility of Tax Turnover and profits report provided in Zerodha backoffice is very good. It will reduce traders hardships while filing the tax returns....thank you Zerodha for the same...
It gives calculations for Fin Year 2013-14....for 2014-15 if it can give till the completed period till date or till the completed month, it will help in planning .
Smart_trade
Yes, the 2014-15 bit will start showing up from next week.
As far as turnover calculation is concerned, it is a very grey area, but if you check this, guidance note for tax audit under 44AB:
http://www.caalley.com/gn/30357dtc19988.pdf
It says turnover:
The total of positive and negative, or favourable and unfavourable differences shall be taken as turnover;
Premium received on sale of options is to be included in turnover;
In respect of any reverse trades entered, the difference thereon shall also form part of the turnover
So yeah, after consulting a bunch of big CA firms, we determined that it is best to declare the entire sell value of options as turnover (even though the 2nd and 3rd point is not very clear). If you declare more turnover IT department will not have an issue, it will be if it is declared less. So it is better to be safe rather than worry about notices in the future...