Penalty are the financial burden imposed by the Competent Authority in order to penalise the assessee so that the asseessee will restrain from breach of law.
Offence is generally termed as the breach of law. It is the broader term which includes the Penalty, Interest & Prosecution.
Prosecution is the physical punishment being ordered for committing restricting offences and is generally referred to Imprisonment. It can be imposed standalone and along with penalty & Interest.
Penalty are the financial burden imposed by the Competent Authority in order to penalise the assessee so that the asseessee will restrain from breach of law.
Offence is generally termed as the breach of law. It is the broader term which includes the Penalty, Interest & Prosecution.
Prosecution is the physical punishment being ordered for committing restricting offences and is generally referred to Imprisonment. It can be imposed standalone and along with penalty & Interest.