New Delhi, July 3 -- Even after retirement, tax responsibilities remain. Especially for individuals who receive a pension, who continue to generate income. Not only this, but generally, retirees also earn through fixed deposits in banks, their savings accounts, and other investments.

What you should clearly understand first is that pension income is taxable and falls under the 'Income from Salary' head. Now, to make taxation meaningful for pensioners and senior citizens that tax department offers them several 'deductions'. By applying these deductions objectively to one's income, a retiree can significantly reduce their taxable income.

Furthermore, most benefits associated with 'deductions' remain more effective under the old tax regime...