Calculation of IT

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.