Answer Posted / h.r. sreepada bhagi

From Taxation Point (Statutory Payments) of view:

Any amount charged by any tax /government department (Income
Tax, Central Excise, Commercial Tax, EPF, ESI, etc.) for
non-compliance is penalty. For example due date for filing a
tax return is month end. if it's delayed, there may be a
fixed amount to be paid for each day of delay. This is penalty.

Any amount charged by any tax /government department (Income
Tax, Central Excise, Commercial Tax, EPF, ESI, etc.) for
non-payment or delay in payment/remittance is interest. For
example due date for payment of a tax amount month end. if
it's delayed or not paid, a fixed rate of interest will be
charged on the basic amount delayed or defaulted.

Some times the terms interest & penalty are used to mean the
same thing particularly in taxation. (E.g. refer Sections
234 A/B/C of Income tax Act, 1961)

In general interest refers to the amount payable at an
agreed percentage on the money borrowed by the borrower to
the lender. In banks & final institutions, if there is
default or delay in payment of interest, they charge a
higher rate or additional interest and call it as penal
interest.

In any case penalty or penal interest is the result of
failure to comply with the agreed terms, meet the dead line
or pay the dues / instalment on or before the due date.

Can v transfer trail balance to journal entry how and with example?

2199

---

an amount deducted from the catalog price for an item of merchandise is called?

15125

---

What is the quality of the accountant & rights ? hansika.kk@gmail.com

2975

---

what is ZBA hold & balance hold in banking?

2244

---

What was use of tally erp 9? Types of vat?

1623

---

Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts

1923

---

what is the accounting conventions

4159

---

Distinguish capital and revenue expenditure

2026

---

What is meant by advance ruling? What is the scheme of advance rulings?

1965

---

interest paid comes under which head

1428

---

I am going for interview in Cross domain for Finance & Accounts opening. If any one having any question paper or question that might be asked in interview pls send me on my mail id -ruchi_singh759@rediffmail.com, or here.

6742

---

let me know the meaning and Nature of cash

2003

---

why do u want to join bpo sector

2210

---

how a fund flow statement benefit the individual, corporate?

2186

---

What is corporate restructuring?

2433

---