banner_ad

Penal interest

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 April 2016 Please,
can anyone help how to calculate penal interest on late submission of stock statement in bank.
Please help me by giving illustration so it will be easy to understand.
Let say Limit of CC :- 1 Cr
Interest Rate :- 14%
Penal Interest is @ 2% .
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
08 April 2016 calculate the 2% on your limit Rs.1 Cr on the delay number of days
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 April 2016 It wont come on Interest Amount.?
Like (Int amount)*2%*no of days ?
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
08 April 2016 multiple by number of days delay in submission
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 April 2016 ASSUME 20 DAYS DELAY.
THAN?
Profile Image

CMA Ramesh Krishnan

Profile Image

CMA Ramesh Krishnan (Expert)
08 April 2016 Then calculate : Rs.1 crore x 2%x20/365 = approx Rs. 10958
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
08 April 2016 thank you sir...!!!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details