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Calculation of IT

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Amit Kumar Das

32 Points Posted on 08 July 2026

I am a resident retired Indian of age more than 80 years. My income is from Govt pension and interests of FDs and savings bank interests only.

I opt for new tax regime.

Under the above conditions, am I entitled to any deductions?

If yes, to which deductions and the amount thereof?

What are the relevant sections of Income Tax Act?

I will be much obliged for advise from experts to enable me to compute my tax obligations.

Replies (2)

Quick Summary

A super senior citizen sought guidance on income tax deductions under the new tax regime. The discussion clarified that only the standard deduction on pension is available, while deductions such as Section 80TTB are not allowed. The user also shared details of pension and FD accounts.

Aashok Kumar Sharma

Finance/Compliance Consultant

68472 Points Posted on 08 July 2026

Under the New Tax Regime, you are only entitled to a Standard Deduction of ₹75,000 under Section 16(ia) against your government pension income. You cannot claim the Section 80TTB deduction of ₹50,000 on your FD and savings bank interest, as Chapter VI-A deductions are disallowed under this regime. Additionally, under Section 194P, if your pension and interest come from the same bank, you can submit a declaration to the bank to be completely exempted from filing an ITR.