Penalty is the punishment imposed on a Wrong Doer. It can be in the form of imprisonment or fine. It is the sum of money the party agrees to pay or forfeit by way of punishment in case of breach of the contract.
In Federal Board of Revenue (FBR) department, if anyone failure to pay tax payable on due date will attract penalty or default surcharge or both. Failure to make payment on your tax dues is an offence punishable on Conviction with a Fine or Imprisonment for a term not exceeding one year or both.
