What is the correct F&O turnover formula?

For AY 2026-27 onward, ICAI GN 2025 includes favourable and unfavourable differences plus premium received on sale of options, with an anti-double-counting check where that premium is already included in the transaction result.

Why do older guides show a different formula?

Older guidance and broker summaries may follow an earlier ICAI position. AY 2026-27 onward should be checked against GN 2025 and the broker report should be reviewed to avoid counting option premium twice.

Does turnover include brokerage and STT?

No. Turnover is calculated on net P&L per trade, before brokerage, STT, GST, exchange charges and other costs. Those are separately deductible as business expenses in your P&L.

Is my Zerodha tax P&L turnover figure correct?

Broker reports can be useful, but check whether option-sale premium is already included in the trade result. The GN 2025 anti-double-counting point matters before relying on the number.

AY 2026-27 ICAI GN 2025 Turnover hub

F&O turnover — the ICAI GN 2025 method.

The right formula, the wrong ones most blogs publish, and the worked examples that show why it matters for audit applicability.

Open calculator Check audit applicability

Worked example

Absolute differences

Trade	P&L (₹)	Absolute (₹)
NIFTY CE	+12,000	12,000
BANKNIFTY PE	-8,500	8,500
NIFTY Fut	+3,200	3,200
BANKNIFTY Fut	-15,000	15,000
Option-sale premium not already included	+5,000	5,000
Turnover	Net before expenses: -8,300	43,700

Guides in this hub

Read first

F&O turnover calculator with ICAI formula and examples

Step-by-step calculation logic with the formula written out.

Options turnover calculation for tax audit

How option premium interacts with trade differences under current ICAI guidance.

Scrip-wise vs trade-by-trade turnover

Which aggregation level matters for audit, and why most brokers default to one.

Is your broker's turnover figure correct?

How to sanity-check a Zerodha/Upstox/Dhan turnover number against GN 2025.

Calculator

Enter F, U, P. Get the right number.

Manual GN 2025 turnover calculator. No upload, no sign-up. Download the result as PDF or CSV with the source line and formula attached.

Open calculator

Next step

Got the turnover. Now check the audit.

Turnover feeds s.44AB(a) and the cash-condition proviso. The audit checker walks the full 44AD(4) and 44AB(e) decision tree.

Run audit checker

Frequently asked questions

What is the correct F&O turnover formula?: For AY 2026-27 onward, ICAI GN 2025 includes favourable and unfavourable differences plus premium received on sale of options, with an anti-double-counting check where that premium is already included in the transaction result.
Why do older guides show a different formula?: Older guidance and broker summaries may follow an earlier ICAI position. AY 2026-27 onward should be checked against GN 2025 and the broker report should be reviewed to avoid counting option premium twice.
Does turnover include brokerage and STT?: No. Turnover is calculated on net P&L per trade, before brokerage, STT, GST, exchange charges and other costs. Those are separately deductible as business expenses in your P&L.
Is my Zerodha tax P&L turnover figure correct?: Broker reports can be useful, but check whether option-sale premium is already included in the trade result. The GN 2025 anti-double-counting point matters before relying on the number.