F&O turnover is the sum of 'Absolute Profit' and 'Absolute Loss'. For example, if you have a profit of ₹50k and a loss of ₹30k, your turnover is ₹80k.

If your business turnover exceeds ₹10 Crores (provided 95% of transactions are digital), a tax audit is mandatory under Section 44AB.

Yes, if you have a business loss and your total income exceeds the basic exemption limit (₹2.5L/3L), an audit is mandatory to carry forward the loss.

Absolute profit or loss means ignoring the negative sign. Both profits and losses are added together to calculate the turnover for tax audit purposes.

Similar to F&O, intraday turnover is the sum of absolute differences between buy and sell values of all trades.