NRI FOR PREV YEar having shares and mutual funds buying and selling very often

You can classify frequent share trading as "Business Income," which is then taxed at your applicable slab rates. If your total income (including this trading income) is below the basic exemption threshold, you may not owe tax. However, you must be consistent in your classification, and be aware that specific rules apply to how capital gains are treated compared to business income. It is highly recommended to consult a Chartered Accountant to assess your specific trading pattern and tax residency status.