07 March 2014
Can any expert tell me how to calculate penal interest in case of late submission of stock statement..?i.e. Exact calculation @ which rate on which amount .... In case of bank of india... Please reply it is urgent.... Thanks experts...in advance
08 March 2014
it will be around (1% to 3%) on limit sanctioned . note that penal intrest will be charged on limit and not on outstanding balance . . (observed in karnataka bank audit) .; Note: i just shared my experiance,,you pls check ur sanction letter for ur case
CAclubindia
