general

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2010 sir whts the difference between FINE N PENALTY cn u explain me in a simple example

CA Debasish Banerjee

CA Debasish Banerjee (Expert)
Follow

05 August 2010 Fine :- A minor / small failure with a small tap to correct. Like, not paying LIC premium in time. Fine is generally to be self assessed and paid.

Penalty:- A willful default with a punch to knock off. Like, not submitting IT return, service tax return etc. It is more of a willful nature. Penalty are generally imposed by authories and not self assessed. At times, in statute penalties are spelt out but one should not self impose the same and should take the scope to represent oneself for relief, if any

atul gupta

atul gupta (Expert)
Follow

06 August 2010 Under Excise and Customs Law fine is imposed with referance to goods, more particularly known as redemption fine for redemption of goods ordered to be confiscated for some offence.

whereas penalty is imposed on the persons.Both are imposed for contravention of law.