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    Question

    What is the tenure of a fixed deposit that qualifies as

    a Long Term Deposit under tax saving schemes in India?
    A 3 years Correct Answer Incorrect Answer
    B 4 years Correct Answer Incorrect Answer
    C 5 years Correct Answer Incorrect Answer
    D 7 years Correct Answer Incorrect Answer
    E 10 years Correct Answer Incorrect Answer

    Solution

    A fixed deposit with a tenure of 5 years qualifies as a LongTerm Deposit under taxsaving schemes in India, and it is eligible for deductions under Section 80C of the Income Tax Act.

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