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.
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.
My pension is credited to SB A/c in SBI by the treasury. I have got one FD in this bank. In addition I have got FDs in other banks also.
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