Interest deduction for senior citizens: capped deduction on deposit interest reduces taxable income for eligible individuals. Section 80TTB permits a deduction for interest on deposits held by a senior citizen with specified banks, co-operative banking societies, or Post Offices: full deduction when aggregate interest does not exceed fifty thousand rupees, otherwise a deduction of fifty thousand rupees; the deduction is not available where such interest arises from a deposit held by or on behalf of a firm, association of persons or body of individuals for computing the income of any partner, member or individual.