If you receive interest from for your fixed deposits in banks or post office and if the interest received by you is more then Rs. 40000/- in a financial year, then banks or post office will deduct TDS at the rate of 10% at the time of making payment of interest to you as per Section 194A.
You can check in your Form 26AS as to how much tax has been deducted and deposited under your PAN. Moreover you can also request for Interest certificate from banks that will provide you details of all interest paid during a financial year.
While reporting your interest income in your income tax return, be careful to mention the gross interest received i.e. interest credited to your bank account plus the TDS.
In case of senior citizens, the limit for TDS is Rs. 50000/- instead of Rs. 40000/-
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