What tax i have to pay if my income is through stock market? Need Advice?

Your annual income at this rate would be in the region of Rs.150 lakhs. You are required to maintain proper books of account as also get the accounts audited by a Professional Accountant. He will also be the competent person to advice you on tax payable as also ways through which you can legally save tax. Please, Please, do not try to get answers for these questions over yahoo without any payment. Even though I can give you such advice, you are in need of a professional Accountant so that he can take responsibility for his actions and advices. Therefore, please, go ahead and engage one. Please also remember that if you are treated as a businessman your first advance tax payment has already fallen due on 15th June, 2009. The next advance tax payment instalment will fall due on 15th September 2009. Third and fourth will be on 15th December and 15th Malrch 2019. As such, I am desisting from offering any advice here.

Tax on short term capital gains from the sales of shares where you paid security transaction tax is 15% (for AY 2009-10) while there is no tax on long term capital gains. If you hold shares for more than a year, you have long term capital gain. Read about Capital gains, computation of capital gains and income tax rates on capital gains: http://mytaxes.in/index.php?topic=30.0.

You have to use ITR IV This is business Income. You can claim Business expences and pay tax as per slab