Differ between interest & penalty as per it act
This query is : Resolved
Jashpreet kour
(Querist)
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?
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
(Expert)
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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