intraday trading and short term gain

It is to be treated as business income as in Intra day trading delivery of shares is not taken and profits or losses are to be treated as business income / loss.

Since no actual delivery takes place in case of intra day trading, no Transfer takes place. Thus capital gain shall not arise.
Further, it shall be categorised as speculation business income and shall be taxable at normal tax rates. Expenses related to such transactions shall be adjusted from such income and balance shall be taxable.