Tds on fixed deposit is 10%. what if i am under 20% bracket

Hello,

There is Fixed deposit whose interest is more than 10,000. So, the bank has deposited 10% TDS.
This is fine. But, the total income (salary + interest) falls under the 20% tax bracket. In this case, according to the calculations, the TDS depositied is not enough and the tax calculator (on the income tax website) says that more tax needs to be paid.

Is this right? Or am I missing something?
How can this be avoided in the future?

Thanks and Regards,
Gururaj

Replies (1)

TDS will be deducted u/s 194A if interest on fixed deposit exceeds 10,000 pa

If the assessee's income is in the 20% bracket, then one is require to compute tax liability and pay self-assessment tax.

However, one is required to check the deductions availed us/ 80 in order to reduce income. 

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