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Scripwise and Tradewise are two different methods of reporting trades, calculating P&L and turnover. 

Calculating turnover trade-wise is the most compliant way of determining turnover. 

Calculating turnover scrip-wise makes the turnover calculation easier by combing all the trades in one go.

• Scripwise Method: In this approach, turnover is calculated by collating all trades on the particular contract/scrip for the financial year and summing up the absolute value of profit and loss for each script
• Tradewise Method: In this approach, turnover is calculated by summing up the absolute value of profit and loss of every trade done during the financial year.

In both methods, the P&L shall be the same, but there can be a difference in the turnover calculation which in turn shall affect a person's tax audit applicability.

Read more on Trading Turnover.

Here's how you can upgrade to the Pro Plan & avail the benefit of scripwise method of reporting trades.

Let us take an example for Equity Intraday & F&O:

Reliance Industries Limited (RIL) trade-wise transactions are given below:

Trade wise reporting of Reliance Limited:

Trade:1 Profit/Loss = Sale value- Buy value (i.e. 36,000-34,000) = 2,000 (Profit)

Trade:2 Profit = Sale value- Buy value (i.e. 9,000-5,000) = -1,000 (Loss)

Scripwise Reporting of Reliance Limited:

Total Buy value = INR 40,000 (i.e Trade 1 buy value + Trade 2 buy value)

Total Sale value = INR 41,000 (i.e Trade 1 sale value + Trade 2 sale value)

Total Profit/Loss = INR 1,000 (i.e Trade 1 Profit + Trade 2 loss) 

Calculation of Trading Turnover

(by taking the above example of RIL)

Here, trading turnover for Intraday & Futures transactions are calculated by summing up all Absolute Profit (i.e. the sum of absolute values of profit or loss)

• Trade-wise Turnover = 2,000 + 1,000 = 3,000 (i.e Trade 1 absolute value + Trade 2 absolute value)
• Scrip-wise Turnover =  1,000 (i.e absolute value of total profit of reliance scrip)

For Options, trading turnover is calculated by summing up all absolute profit (i.e. the sum of absolute values of profit or loss) plus the premium received on the sale of options     

1. Trade-wise Turnover in Options
   • Trade: 1 - Profit of option (i.e Absolute values) + Premium on sale value of option = INR 38,000 (2,000 + 36,000)
   • Trade:2  - Profit of option (i.e Absolute values) + Premium on sale value of option = INR 6,000 (1,000 + 5,000)
   • Total turnover = Trade 1 + Trade 2 = INR 44,000
      
2. Scrip-wise Turnover in Options
   • Total Profit of trade (i.e Absolute values) + Total Premium on sale value of option = INR 42,000 (1,000 + 41,000)

Note:
1. Futures & Options (F&O) include equity, commodity & currency transactions.
2.Turnover calculation is required only in business income, i.e., Intraday and F&O transactions.