In India, Tax Deducted at Source (TDS) on fixed deposit (FD) interest is defined under Section 194A of the Income Tax Act. Banks deduct 10% TDS on FD interest if the total interest earned exceeds ₹50,000 in a financial year. However, if the account holder fails to provide their Permanent Account Number (PAN), the TDS rate increases to 20%. Senior citizens, defined as individuals aged 60 and above, benefit from a higher TDS exemption threshold of ₹1 lakh. To avoid TDS, individuals whose total income is below the taxable limit can submit Form 15G (for those below 60) or Form 15H (for senior citizens) at the start of the financial year. If these forms are not submitted, the TDS can still be claimed as a refund when filing an income tax return. For reporting purposes, details of FD interest and TDS deducted can be found in Form 26AS, AIS, and TIS, and must be reported under ‘Income from Other Sources’ in tax returns.