Difference between interest & penalty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 December 2012
Can any one please confirm this?
1.Interest arises when there is late payment.
2.Penalty arises when there is late filing of return.
Please correct me if I am wrong.
1.Interest arises when there is late payment.
2.Penalty arises when there is late filing of return.
Please correct me if I am wrong.
14 December 2012
Penalty is levied for somthing wrong you have done or what you should have done but could not do so and interest is charged to compensate for late payment etc.
Interest is charged to compensate for time value of money.
Interest is charged at the specified percentage and can not be fixed but penalty can be in absolute as well as in percentage terms..
Interest is charged to compensate for time value of money.
Interest is charged at the specified percentage and can not be fixed but penalty can be in absolute as well as in percentage terms..
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
