I am a short term trader (Buy & Sell stocks 4-5days gap) on BSE/NSE,
from September-2007 to January-2008, I made 4.5million(45lakhs) turnover worth trading, but my net profit is only about Rs. 20,000
Do i need to pay the income tax? how the calculation is done? only on profit made transactions? what about my losses in trading & expences?