Dear Mudra Team Members,
I am herewith pasting the content I found on Zerodha site on Turnover and hope this will be useful for you.
The turnover is being calculated here just to determine if you need a tax audit or not. We are following guidance note on Tax audit under section 44AB(Section 5.12, Page 23).
For Intraday equity — absolute sum of settlement profits and losses per scrip
For Delivery equity — sell side value of the stock
For F&O (Equity, Currency, Commodity) — absolute sum of settlement profits & losses for F&O) per scrip and the sell side value of option contract.