It's reasonable to have doubts about how we calculate the transactions, when asked to upgrade to Pro version for exceeding the limit.

Quicko calculates the number of transactions based on the total number of settlements made throughout the year. This approach is advised to ensure accurate reporting of settlements in your Income Tax filings. 

Here is a definition of Transactions, Trades, and Settlements for better understanding:

Transactions: A single transaction comprises two trades – one for buying and another for selling a particular script. 

Trade: A trade represents either a Buy or Sell action for a particular script. 

Settlement: Whenever there is a corresponding buy trade for every sell trade, we consider them together as one settled transaction.

Here's an example to illustrate: 

Throughout the year, you executed trades in Reliance Industries (RIL), with a total of 120 buy trades and 100 sell trades, resulting in 110 settled transactions. 

It's important to note that even though you traded in a single script (RIL), the total number of settled transactions i.e 110 determines the applicability of the limit for transactions.