What is the key feature of tax-saving Fixed Deposits in India? Option: They have a shorter lock-in period compared to regular FDs, They are exempt from all tax liabilities, They fall under Section 80C of the Income Tax Act, offering potential deductions, They offer higher interest rates than regular FDs

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What is the key feature of tax-saving Fixed Deposits in India?

They have a shorter lock-in period compared to regular FDs

They are exempt from all tax liabilities

They fall under Section 80C of the Income Tax Act, offering potential deductions

They offer higher interest rates than regular FDs

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Which of the following investment options is NOT mentioned as eligible for tax deductions under Section 80C?

"Equity Linked Savings Scheme (ELSS)"

"National Savings Certificate (NSC)"

"Fixed Deposits for a tenure of 3 years"

"Public Provident Fund (PPF)"

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Which of these investment options is NOT eligible for tax deductions under Section 80C?

Mutual Funds

National Savings Certificate (NSC)

Fixed Deposit (FD)

Public Provident Fund (PPF)

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How does the taxation policy apply to interest earned on Fixed Deposits for individuals below 60 years of age in India?

TDS (Tax Deducted at Source) may apply if interest exceeds a certain limit

Interest income is entirely tax-free

Tax liability is determined by the individual's investment portfolio

Interest is taxed at a flat rate regardless of the amount

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Which tax benefit is associated with the 5-year Post Office Time Deposit?

"No tax benefits are associated with this scheme"

"Tax benefits are applicable only for senior citizens"

"Tax deduction on the principal amount invested under section 80C"

"Tax exemption on the interest earned"

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What is the tax advantage associated with Savings Accounts in India?

"No tax advantages"

"Tax exemption on interest earned for senior citizens"

"Tax benefits under Section 80C for 5-year lock-in periods"

"Tax-free interest up to ₹10,000 under Section 80TTA"