Hi Sir,
Hope you are doing well !
You are eligible for standard deduction.
In a recent clarification issued by the income tax department, if a taxpayer has received pension from the former employer, it is taxable under the head 'salaries'. Therefore, the taxpayer shall be entitled to claim a standard deduction of RS 40,000 or the amount of pension, whichever is less, under the section 16 of the Income tax Act, 1961.
Thanks & Regards,
Payal Chhajed