Exact impact of new STT rates on buy/sell of option contracts

Could some one plz clarify the effect of changes on STT provision on this year's ( 2008-2009) budget on buy/sell of option contracts? What are the new provision and how does it differ from that of last year?

Now STT would be a deductible expense...earlier it was as advance payment of tax....

Big difference for day traders and arbitragers....however favorable for the people in losses as they get to carry forward the loss....

Before also, The amount of loss that is more than STT can be carry forwarded.
If loss is less than STT paid,it can't be carry forwarded.
I think this change is in STT is not favorable to any one including people in loses.

but remember the STT that you had paid on losses used to lapse in that year because it was a tax which was paid.....

now it wont be so...so you get to carry forward the STT component also...

this is only favorable for people in losses and not for those in profits....

Does that mean that now for calculating profit or loss (Sale Price - Cost Price) in trading an option contract the STT will not be deducted from the S.P. (Sale Price)?