Is there any excel file through which penal Interest can be computed and cheked for a bank for preparing cincurrent audit report and pls mention wht types of transaction on which penal int is to be chgd...?
5 Replies
CA.kaya
(Chartered accountant)
(3990 Points)
Replied 29 June 2011
actually bank clerk keep 'penal int manual' in print or in electronic form. in that all transaction which attract penal int will be listed. u ask them to gve that manual .
eg of penal int: late submission of stock statement attract penal int. this is one eg.
ashish gupta
( student)
(1922 Points)
Replied 29 June 2011
ya and the rates of intt. are also decided by banks and forwarded to the branches as guidelines.
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 29 June 2011
@ Kaya
Thxs for replying.
Can u pls let me how to calculate penal interest for late submission of stock statement if the rate is 2%.
Problem is when i hv calculated this interest in bank where i'm audit asst., i found diff of 2 to 3 rupees in each account whose statement has been submitted after the due date.
Is service tax is also levied along with int..
pls reply
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 01 July 2011
| Originally posted by : suneet | ||
 |
so you can take a reference from this file |
 |
wht u r trying to say i hv not undertstood...
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