Interest earned on FDs is covered under "income from other sources"

TDS on FD interest if it exceeds: Non-Senior Citizens: Rs. 40,000 per year Senior Citizens (60+): Rs. 50,000 per year

TDS Rate: 10% if you provide your PAN details to the bank. 20% if you don't provide PAN.

Avoiding TDS: You can avoid TDS if your total income is below the taxable limit (currently Rs. 2,50,000) by submitting Form 15G or 15H to the bank.

How to Saving Tax on Fixed Deposit

1. Invest in Tax-Saving FDs 2. Joint Investment 

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