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Tax Saving Bond

A Tax Saving Bond is a bond, the proceeds of which are to be deployed in accordance with the Income Tax Act, 1961 in infrastructure projects. The greatest attraction of it is the tax rebate available under Section 88 of the Income Tax Act, 1961 in the year in which the amount is invested. Tax saving bond can either pay you interest regularly (which can be annual or half yearly or quarterly or monthly) or it can be in the nature of deep discount bond.