Mr. Shashank (aged 67 years) is retired from a Public Sector Undertaking. He resides in Ujjain. He provides you the following particulars of his…

Computation of total income of Mr. Shashank for A.Y.2026-27 Particulars ₹ ₹ ₹ Income under the head "Salaries" Pension 7,80,000 Less: Standard deduction u/s 16(ia) Lower of 50,000 or actual salary/pension 50,000 7,30,000 Income from Other Sources Interest from bank on fixed deposit (Gross) 2,35,000 Gross Total Income 9,65,000 Less: Deduction under Chapter VI-A Deduction under section 80C LIC premium of 25,500 (restricted to 10% of 2,50,000, being the sum assured, as the policy is taken after 31.3.2012) 25,000 Deduction under section 80D Premium for health insurance for self and his wife paid by cheque, allowed upto 50,000 since Mr. Shashank is a senior citizen 36,000 Preventive health check-up for self,3,500, and for his mother,4,500, restricted to 5,000 (deduction allowed even if the same is paid in cash) 5,000 41,000 Deduction under section 80E Interest on loan taken from bank for MBA course pursued by his daughter 9,500 Deduction under section 80G Donation to PM CARES Fund – 100% allowable 20,000 Donation to an approved institution for promoting family planning – 100% allowable subject to qualifying limit of 83,950 i.e., 10% of 8,39,500 being the adjusted total income 83,950 Deduction under section 80TTB Interest on fixed deposit with bank allowable as deduction upto 50,000, since Mr. Shashank is a senior citizen 50,000 2,29,450 Total Income 7,35,550