Your F&O turnover for tax
For F&O, turnover is not what the contracts were worth. It is the profit or loss on each trade, added up ignoring the minus signs.
Your numbers
What that gives you
Turnover
₹15,000
- Your actual profit or loss
- ₹5,000
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How this works
A 16 lakh contract that made 8,000 adds 8,000 to your turnover, not 16 lakh. People get this wrong in the frightening direction and assume they have crossed a threshold they are nowhere near.
Losses count too, and they count as positive. A trade that lost 5,000 adds 5,000 of turnover while reducing your actual profit.
That is why the two figures below differ, and why the smaller one is the one you pay tax on while the larger one decides whether an audit applies.
Three trades here to show the shape of it. Your real figure is every F&O trade in the financial year.
What this does not say: This is how turnover is counted, not advice on your return. Audit thresholds change and your own position may differ — that is a conversation with a CA.