Management of COVID‐19 largely depends on the reporting of suspected or confirmed positive cases. This study examined public's suspect report intention during COVID‐19 using and extending the theory of planned behavior by adding two incident‐specific variables such as perceived severity of COVID‐19 and fear of retaliation. Direct association of attitude, subjective norm, and perceived behavioral control with suspect report intention and moderating role of perceived severity of COVID‐19 and fear of retaliation were probed. This study also investigated whether the moderation of perceived severity of COVID‐19 (primary moderator) varies with different level of fear of retaliation (secondary moderator) using moderated moderation analysis. Analyzing data collected from 554 Indian citizens provides evidence that attitude, subjective norm, and perceived behavioral control were positively associated with suspect report intention. Perceived severity of COVID‐19 and fear of retaliation negatively moderated such associations. When fear of retaliation was high, high perceived severity of COVID‐19 did not positively moderate the association of attitude, subjective norm, and perceived behavioral control with suspect report intention. Perceived behavioral control was the most potent facilitator and fear of retaliation was the strongest inhibitor of suspect report intention. Understanding people's suspect report intention can assist in implementing awareness programs to encourage suspect report intention and stop the community spread of COVID‐19.