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Settlement Application - Form 34B

Settlement Application in Form 34B allows taxpayers to disclose undisclosed income and settle tax disputes. It helps avoid prolonged litigation by resolving the matter through the Settlement Commission.

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Overview

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.

FAQ

Frequently Asked Questions

What is Settlement Application Form 34B?
Form 34B is used to apply for settlement of an income tax case by declaring undisclosed income before the Settlement Commission.
Who can file Form 34B?
Any taxpayer with a pending income tax case can file Form 34B, provided they make a full and true disclosure of additional income.
Is it mandatory to pay tax before filing Form 34B?
Yes, the applicant must pay the tax and interest on the additional disclosed income before submitting the application.
What is the minimum tax amount required for filing Form 34B?
The additional income tax payable must exceed ₹10 lakh or ₹50 lakh, depending on the applicable section of the Income Tax Act.
What details are required in Form 34B?
You need to provide details of undisclosed income, how it was earned, tax payable, and other prescribed information.

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Application

Application for Advance Ruling No deduction / Lower rate deduction of TDS Rectification of mistake u/s 154 Revision u/s 264 Settlement Application -Form 34B Allotment of TDS and TCS Number