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When I make profit on one trade and loss on second in same day (both intraday trades), do I pay tax from profitable one (and from whole profit) or I pay tax from difference between profit and loss?

I hope in second, but need to be sure.

What my tax will approximately be? Intraday position as an foreign portfolio investor? (seen some horror rates like 40% - I hope its not normal in India)

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It is sum total or net amount. Either profit or loss. This is taxed as short term capital gain at discounted/fixed rate of 20%.

If this is more than your salary income, it is treated separately and taxed at normal rates.

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