When a trader buys a share and sells it on the same day, it is called Equity Intraday Trading.
The intention is to earn profits from the fluctuation in prices. In the case of Equity Intraday Trading, there is no delivery of shares and the ownership is not transferred. Equity Intraday Trading is considered as a Speculative Business Income since trading is done without the delivery of shares and with an intention to earn quick profits.
To understand more about the tax treatment for Intraday traders, read our blog here.