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Defferences between panelty and interest

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(Querist)
08 April 2010 sir please tell me Defferences between panelty and interest. i m confeused. as soon sir.
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
09 April 2010 Penalty means amt.payable as a fine for the non-compliance of the statutory provisions of any act.

Interest means which are payable on loan or amount payable on account of delay in any payments which are due.

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