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:
- Will the 'Total taxable income' include both the interests (from savings and fixed deposit) or from fixed deposit only?
- 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?
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