Answer Posted / h.r. sreepada bhagi

From Taxation Point (Statutory Payments) of view:

Any amount charged by any tax /government department (Income
Tax, Central Excise, Commercial Tax, EPF, ESI, etc.) for
non-compliance is penalty. For example due date for filing a
tax return is month end. if it's delayed, there may be a
fixed amount to be paid for each day of delay. This is penalty.

Any amount charged by any tax /government department (Income
Tax, Central Excise, Commercial Tax, EPF, ESI, etc.) for
non-payment or delay in payment/remittance is interest. For
example due date for payment of a tax amount month end. if
it's delayed or not paid, a fixed rate of interest will be
charged on the basic amount delayed or defaulted.

Some times the terms interest & penalty are used to mean the
same thing particularly in taxation. (E.g. refer Sections
234 A/B/C of Income tax Act, 1961)

In general interest refers to the amount payable at an
agreed percentage on the money borrowed by the borrower to
the lender. In banks & final institutions, if there is
default or delay in payment of interest, they charge a
higher rate or additional interest and call it as penal
interest.

In any case penalty or penal interest is the result of
failure to comply with the agreed terms, meet the dead line
or pay the dues / instalment on or before the due date.

Tell me the steps for Import and Export Thanks

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how to calculate share values of a company.

2177

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emplementation of accounting standerds in Bangladesh, developing or copieng?

2207

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what is the good prasentation on interview

2457

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Weather Entry tax on consumable goods purchased against CST

2152

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If i have a company in India doing purchase from Shrilanka, If i buy in Shrilankan local currency and make the payments in Indian Currency At the end of year how shall i settle the difference Exchange money in Books of Accounts.

2286

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when calculating for np% do i include interest or do i take it off

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Expand SCERT

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What exactly balance sheet depicts

2038

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1.provide a brief write up on why you consider yourself suitable for the post voting your major achievements? 2. Mention your position in the hierarchy and the levels above and below you ?

1680

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Short Answer on ________Ad-Valorem Duties

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About Funding Working Capital to a Company? A company Turn over is 12 Cr, but in the bank statement credits per month is more that 3 Cr? how this could happen? awaiting your views?

2048

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capital introduced by partners? how it will be shown in tally? (i.e.at the place of Account what we have to post) (at the place of particulars what we have to post) (in which vocher we can post it)

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EXPAND___________IMF

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i have interview in KVB on 12-12-08. so Please send me some questions asked in previous interviews contucted by KVB?

2195

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