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Glossary / Also known as

Late fee

Another name for Penalty for Non-Compliance.

Other names
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What does late fee mean?

Late fee is another name for Penalty for Non-Compliance. Penalties for non-compliance in India include financial fines, interest charges, director disqualification, prosecution, and company strike-off imposed by regulatory authorities for failing to meet statutory obligations.

The two names mean the same thing. You will see "late fee" in some ledgers, reports and contracts and "Penalty for Non-Compliance" in others. The full entry covers how it works, with examples.

Read the full definition of Penalty for Non-Compliance

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From the glossary

Related terms.

Statutory compliance Penalty for Non-Compliance Penalties for non-compliance in India include financial fines, interest charges, director disqualification, prosecution, and company strike-off imposed by regulatory authorities for failing to meet statutory obligations. Also called non-compliance penalty, late filing penalty, late fee Statutory compliance Business Compliance The process of adhering to all applicable laws, regulations, and industry standards that govern business operations in India. Also called corporate compliance, regulatory compliance Due dates and calendars Compliance Calendar A structured schedule of all regulatory filing deadlines and statutory obligations a business must fulfill throughout the year. Also called statutory due date calendar, filing calendar, compliance tracker ROC filing RoC (Registrar of Companies) The government authority responsible for registering, regulating, and administering companies and LLPs across India. Also called Registrar of Companies office, company registrar GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source
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