Whether fixed deposit can be taken as 80C deduction ?
For what maturity period ?
If so, it can be taken as deduction in the first year or otherwise.
If such deposit is withdrawn before maturity what happens on earlier deduction taken ?
Please let me know treatment of interest on such fixed deposit.
My friend has a company in US, he needs a temporary loan of $25000 (approx ₹16Lac) from me. I have a Proprietorship Company in Mumbai, India.
My Question is:
1. Can I transfer him from my Company Bank Account in Mumbai
2. Are there any regulations I need to be aware of
3. Will this transaction have any tax implication on me (this is an interest free loan, I am giving him which he will return in few months)
Can Tax Audit report for AY 2015-16 can be filled after 31/03/2017 electronically , or have to file manually. what is the procedure if to file manually and what will be penalty for late filling.