general
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2010
sir whts the difference between FINE N PENALTY cn u explain me in a simple example
05 August 2010
Fine :- A minor / small failure with a small tap to correct. Like, not paying LIC premium in time. Fine is generally to be self assessed and paid.
Penalty:- A willful default with a punch to knock off. Like, not submitting IT return, service tax return etc. It is more of a willful nature. Penalty are generally imposed by authories and not self assessed. At times, in statute penalties are spelt out but one should not self impose the same and should take the scope to represent oneself for relief, if any
Penalty:- A willful default with a punch to knock off. Like, not submitting IT return, service tax return etc. It is more of a willful nature. Penalty are generally imposed by authories and not self assessed. At times, in statute penalties are spelt out but one should not self impose the same and should take the scope to represent oneself for relief, if any
06 August 2010
Under Excise and Customs Law fine is imposed with referance to goods, more particularly known as redemption fine for redemption of goods ordered to be confiscated for some offence.
whereas penalty is imposed on the persons.Both are imposed for contravention of law.
whereas penalty is imposed on the persons.Both are imposed for contravention of law.
04 August 2023
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- 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
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
