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Penal interest

If the installments are not received as per the repayment terms, by the end of the month, the borrower will be charged interest on the installments delayed which is called as penal interest.

News On Penal interest
Missed your August 5 deadline to file income tax returns?

06-08-2016| Source:Moneycontrol.com

try to understand above rule with one example. Put simply, you can still file your income tax returns, of course with the penal interest on tax due. But yes, you have to keep a few things in mind

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