What is 200% penalty on non-disclosure of income? Lets understand!

We are hearing a lot about 200% penalty on undisclosed income, particularly after the announcement by Hon’ble Prime Minister for discontinuation of currency notes of Rs. 500/- and Rs. 1000/-. It has triggered various kinds of misunderstanding and rumours about the rate and incidence of penalty on (i) undisclosed income or (ii) furnishing inaccurate particulars of income, as prescribed under income tax laws.

Online Filing And Processing Of Application For Export Of SCOMET Items

Presently applications for export of SCOMET items are to be mandatory filed online using digital signature as per Para 2.73 (b) of the Handbook of Procedures of FTP 2015-20. The requisite documents in respect of these applications continue to be submitted manually at present.