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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.
Dhirajlal Rambhia
(Expert)
04 August 2023
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