Penalty for Undisclosed Income: declaration attracts a statutory penalty in addition to tax and surcharge. A declaration of undisclosed income under the Income Declaration Scheme, 2016 requires payment of tax and surcharge under section 184 and additionally imposes a penalty equal to twenty-five per cent of that tax, notwithstanding any other provision of the Income-tax Act or any Finance Act.
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Provisions expressly mentioned in the judgment/order text.
Penalty for Undisclosed Income: declaration attracts a statutory penalty in addition to tax and surcharge.
A declaration of undisclosed income under the Income Declaration Scheme, 2016 requires payment of tax and surcharge under section 184 and additionally imposes a penalty equal to twenty-five per cent of that tax, notwithstanding any other provision of the Income-tax Act or any Finance Act.
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