Standard deduction 50k for traders

Whether the standard deduction of 50K is applicable for traders also? If I have 6.9 Lacs trading income, 1.5 Lac 80C & 50K standard deduction, it will come 4.9 Lacs net income. Under 87A, it is under 5 Lacs, so I have Nil tax liability. Kindly let me know whether my assumption is correct.

Given that the person is not a salaried employee.

@Quicko can you?

Hey @justjaks

Standard deduction can be claimed only against Salary income. It cannot be claimed against trading income. Thus, in your case standard deduction is not available since you are not salaried.

Hope this helps!

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