Can a government employee do intraday? If yes, then what is the Income Tax Process?
Intraday Trading refers to buying and selling of stock on the same day. The trader squares off the trade on the same trading day and does not take actual delivery.
For Income Tax purposes, the intention is considered to earn profits from the fluctuations in prices. Therefore Intraday Trading of Equity is taken to be a Speculative Business, and it should be reported under Income from Business & Profession in ITR 3.