Term deposit deduction under section 80C allowed for long term scheduled bank deposits complying with a government scheme. Amendment to section 80C replaces 'notified under clause (23D)' with 'referred to in clause (23D)' in clauses (xi), (xiii) and (xiv), and inserts clause (xxi) allowing deduction for amounts placed as term deposits with a scheduled bank for a fixed period of not less than five years, subject to a scheme framed and notified by the Central Government; 'scheduled bank' is defined to include the State Bank of India, subsidiary and corresponding new banks, and banks in the Second Schedule to the Reserve Bank of India Act.
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Provisions expressly mentioned in the judgment/order text.
Term deposit deduction under section 80C allowed for long term scheduled bank deposits complying with a government scheme.
Amendment to section 80C replaces "notified under clause (23D)" with "referred to in clause (23D)" in clauses (xi), (xiii) and (xiv), and inserts clause (xxi) allowing deduction for amounts placed as term deposits with a scheduled bank for a fixed period of not less than five years, subject to a scheme framed and notified by the Central Government; "scheduled bank" is defined to include the State Bank of India, subsidiary and corresponding new banks, and banks in the Second Schedule to the Reserve Bank of India Act.
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