An overview of income heads In order to report income tax, the Income Tax Department divides income into five categories: Salary income Investing in house property Capital Gains/Losses Profession and business income Other sources of income Other sources of income refer to income that does not fall under any of the other categories. Interest Income from Savings Bank Accounts In your tax return, you must declare interest that accumulates in your savings bank account. Savings bank interest is not subject to TDS deduction by the bank. While interest from fixed deposits and recurring deposits is taxable, interest from savings bank […]