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of <h1>Income Tax Act Amended: Section 80C Now Includes Tax Deductions for 5-Year Term Deposits with Scheduled Banks</h1> Section 80C of the Income-tax Act was amended by the Finance Act, 2006, effective April 1, 2007. The amendments in sub-section (2) involve replacing the phrase 'notified under clause (23D)' with 'referred to in clause (23D)' in clauses (xi), (xiii), and (xiv). Additionally, a new clause (xxi) was introduced, allowing for tax deductions on term deposits with scheduled banks for a fixed period of at least five years, provided they comply with a scheme notified by the Central Government. The term 'scheduled bank' includes specific banks under various banking acts and those listed in the Second Schedule of the Reserve Bank of India Act.
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