general
This query is : Resolved
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
(Expert)
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
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
(Expert)
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.
whereas penalty is imposed on the persons.Both are imposed for contravention of law.
04 August 2023
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
