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In Indian income tax, a tax deduction refers to an amount subtracted from the total income to arrive at the taxable income, thereby reducing the tax liability. Examples include deductions under Sections 80C, 80D, and 80G of the Income Tax Act. On the other hand, a tax credit in Indian income tax refers to a reduction in the actual tax liability itself, not just the taxable income. Examples include TDS (Tax Deducted at Source) credits and foreign tax credits.