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Settlement Application - Form 34B

A person at any stage of a case relating to him, may make an application with the settlement commission to have the case settled in relation to a full and true disclosure of his income which has not been disclosed before the Assessing Officer. The application will be made in Form 34B and in such manner as may be prescribed, wherein the manner in which such income has been derived, the additional amount of income-tax payable on such income and such other particulars as may be prescribed, are required to be filled. Before filing Settlement application, the applicant must pay the tax and interest on the additional income ought to be disclosed in the application.

However, application can be made if the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees / fifty lakhs rupees depending upon the section of the Income tax Act 1961 under which the assessment proceedings are initiated.

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