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.