Section 80C deduction for bank term deposits: defines eligible assessees, qualifying term, and eligible banks.

Defines key terms for tax-preferred term deposit investments: "assessee" includes individuals and Hindu undivided families; "investment" means a deposit in a term deposit of a scheduled bank made pursuant to the scheme; a "form" is the bank-prescribed form. A scheduled bank is identified by reference to banks included in the Reserve Bank schedule and related statutes; a term deposit requires a fixed period of not less than five years; "year" means the financial year starting 1 April. Undefined terms derive their meanings from the Income-tax Act.

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