Now I have to receive the money from some foreign party , Can I accept the payment in above account? Will there be any TDS deduction ?
Yes you can receive the payment in the above account. There is no TDS. However you need to declare this assuming this is an income to you and pay taxes according to your tax brackets.
What is the other way forward to receive this money?
There are multiple ways, International transfers via SWIFT, Remittance Services including Western Union, Cheque etc. The mode of payment does not mean it is tax free.
If you are getting this money as income, you need to declare this and pay taxes accordingly.