Differ between interest & penalty as per it act

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Jashpreet kour (Querist)
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19 May 2016 Dear Experts,
I want to know difference between Penalty & interest from Income tax Point of View.
If a Person file his return after due date then interest on tax due will be attracted but when such person is liable to pay penalty?

Amol S Joglekar

Amol S Joglekar (Expert)
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19 May 2016 e.g. when a person hides the information, does not co operate with the income tax proceedings, mis states the income, the same is liable for penalty, in addition to interest, if any

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