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Yes, if your willingness is 'surrender and participate in next round' then the choices above the choice allotted in previous round will be considered. If no seat is allotted in above choices then the seat allotted in previous round cannot be claimed. So if you do not want the seat then you may choose this option and proceed to the next round.
In slide option all the choices within the same Institute allotted in previous round above the choice allotted in previous round will be exercised. If no seat is allotted from the higher preferences then the seat allotted in the previous round can be claimed by you. In this case your seat will be retained which was allotted in previous round.
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