Bonds
The Income Tax Department breaks down income into five heads of income for the purpose of income tax reporting:
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Income from Other sources like Bank Interest / FD interest Etc
For a residential individual (age of 60 years or less) or HUF, interest earned upto Rs 10,000 in a financial year is exempt from tax. The deduction is allowed on interest income earned from: savings account with a bank; savings account with a co-operative society carrying on the business of banking;
