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Interest penalty

This query is : Resolved 
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(Querist)
09 December 2011 How to treat with the Penalty imposed by the bank on late payment of loan?

Whether it can be debited to the interest A/c ?
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CA Kishore Tallam

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CA Kishore Tallam (Expert)
20 December 2011 The penal interest impose by the bank on late payment is also termed as interest only and it will be debited to interest account only.

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