Regarding tds at bank

Prakt Das (SR) (67 Points)

13 July 2012  

Say for the FY 2011-2012,

My taxable income (as salary alone) is 6 lacs and my employer has deducted a TDS of 53560.

I get 1000 as interest from my savings account. No TDS deducted.

I get 10000 as interest from my fixed deposit. TDS deducted 10% as 1000.

 

I have the following doubts:

  1. Will the 'Total taxable income' include both the interests (from savings and fixed deposit) or from fixed deposit only?
  2. As I fall in the above 5 lac slab, I am entitled to a 20% tax, hence should I pay more tax on the interest of the fixed deposit, above that of the 10% TDS?