
04/02/2022
TDS on FD is deducted under the Income Tax Act, 1961. Fixed Deposit is a financial instrument offered by banks and other financial institutions to save money and earn a higher rate of interest. The interest earned from FDs is added to the income and is taxable. However, if your tax liability on total income amounts to Nil, you can claim for non-deduction of TDS on fixed deposit by submitting form 15G or 15H (for senior citizen) to the bank.