About this agreement

Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act Format

Are you facing income tax disputes and looking for a streamlined way to resolve them? Our Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act format provides a ready-to-use, customizable template to file your settlement application efficiently. Designed specifically for Indian taxpayers, this legal template in PDF/Word format helps you navigate the complexities of tax settlement proceedings under the Income-Tax Act, 1961.

What is the Form of Application under Section 245C(1)?

The Form of Application for Settlement of Cases under Section 245C(1) is a prescribed format used to apply to the Income Tax Settlement Commission (ITSC) for settling pending tax cases. Introduced under Chapter XIX-A of the Income-Tax Act, this application allows taxpayers to disclose undisclosed income and settle disputes amicably, avoiding prolonged litigation. It is crucial for cases involving assessment, reassessment, or appeals before higher authorities. By using this Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act sample, you ensure compliance with statutory requirements, making your application valid and effective.

Why is it Important?

Filing under Section 245C(1) offers significant benefits, including quicker resolution, potential reduction in tax liability, and waiver of penalties in certain cases. In India's complex tax regime, this form is essential for taxpayers with undisclosed income detected during searches or surveys. It prevents escalation to the Income Tax Appellate Tribunal (ITAT) or High Court, saving time and costs. Courts and tax authorities strictly mandate the correct format, and errors can lead to rejection. Our ready-to-use Form of Application for Settlement of Cases under Section 245C(1) format ensures accuracy, helping you meet deadlines and legal standards effortlessly.

Key Elements of the Form

A comprehensive Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act template includes:

Applicant Details: Full name, PAN, address, and contact information.
Case Particulars: Assessment years, income details, tax demanded, and pending proceedings.
Disclosure of Income: Manner of undisclosed income, value, and additional tax payable.
Verification: Signed declaration under oath.
Annexures: Supporting documents like financial statements, assessment orders, and computation sheets.

These sections align with Rule 9B of the Income-Tax Rules, ensuring your application is complete and court-compliant.

Who Should Use It?

This format is ideal for individuals, HUFs, companies, firms, and businesses in India facing:

Search/survey cases under Sections 132/133A.
Block assessments.
Reassessments under Section 147.
Appeals pending before CIT(A) or ITAT.

Tax professionals, chartered accountants, and lawyers often recommend this customizable legal template for clients seeking settlement to minimize litigation risks in civil tax matters.

Download Your Form of Application for Settlement of Cases under Section 245C(1) Today!

Get instant access to our free download Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act in PDF/Word format. Customize it with AI assistance or legal help for your specific needs. Perfect for quick filings before the ITSC.

Important Note

While this Form of Application for Settlement of Cases under Section 245C(1) sample is designed to be highly accurate and ready-to-use, it is recommended to consult a tax expert or lawyer for personalization. We offer premium options for AI-generated customizations and professional reviews. Explore related templates like Settlement Commission applications, tax audit reports, or ITAT appeal formats for all your India-specific legal document needs.

FROM OF APPLICATION FOR SETTLEMENT OF CASES UNDER SECTION 245C(1) OF THE INCOME-TAX ACT

Non-Judicial

FORM NO. 34B

[See rules 44C and 44CA]

From of application for settlement of cases under section 245C(1) of the Income-tax Act, 1961

IN THE SETTLEMENT COMMISSION

*Settlement application No. 19 ?19

1. Full name and address of the applicant

2. Permanent Account Number

3. Status [see Note 4]

4. The Commissioner having jurisdiction over the applicant

5. Assessment year(s) in connection with which the application for settlement is made

6. Date of filing the return of income for assessment year(s) referred to in column 5

7. Proceedings to which application for settlement relates, the date from which the proceedings are pending and the income-tax authority before whom the proceedings are pending [See Note 6]

8. Where any appeal or application for revision has been preferred after the expiry of the period specified for the filling of such appeal or application for revision, as the case may be, whether such appeal or revision has been admitted.

9. Date of seizure, if any, under section 132 of the Income-tax Act

10. Particulars of the issues to be settled, nature and circumstances of the case and complexities of the investigation involved [See Note 7]

11. Full and true disclosure of income which has not been disclosed before the Assessing Officer, the manner in which such income has been derived and the additional amount of income-tax payable on such income [See Note 9 and 10]

Signed

(Applicant)

Verification

I, son/daughter/wife do hereby solemnly declare that to the best of my knowledge and belief, what is stated above and in the Annexure [including the statement(s) I am making this application in my capacity as

[designation]

and that I am competent to make this application and to verify it.

Verified today the day of 19

Place . ..

Signed

(Applicant)

Notes:

1. The application for settlement must be in quintuplicate.

2. The application for settlement must be accompanied by a fee of five hundred rupees. The fee should be credited in a branch of the State Bank of India or branch of the Reserve Bank of India and the triplicate challan sent to the Settlement Commission, with the application for settlement Commission will not accept cheques, drafts, hundies or other negotiable instruments.

3. *The number and year of application will be filled in the office of the Settlement Commission.

4. Pleasestate whether individual, Hindu undivided family, company, firm an association of persons, etc.

5. IF the space provided is found insufficient, separate enclosure may be used for the purpose.

6. In the case of assessment proceedings, indicate the designation of the Assessing Officer before whom the proceedings are pending indicating also the date of service of notice under section 139(2)/section 148 of the Income-tax Act, 1961, or the date of reopening of the assessment under section 146 of the said Act. In case of appellate authority, before whom the appeal is filled and the date of filling of appeal In case of revision petition, indicate the date of filling the revision petition and whether the same is filed within time or not.

7. Full details of issue for which application for settlement is made, the nature and circumstances of the case and complexities of the investigation involved must be indicated against item 10. Where application relates to more than one assessment year, these details should be furnished for each assessment year.

8. The application for settlement of a case shall not be allowed to be withdrawn by the applicant.

9. The additional amount of income-tax payable on the income referred to in item 11 should be calculated in the manner laid down in sub-section (1A) to (1D) of section 245C.

10. The details referred to in item 11 shall be given in the Annexure to this application.

ANNEXURE

Settlement containing particulars referred to in item 11 of the application under section 245C(1) of the Income-tax Act, 1961

1. Amount of income, which has not been disclosed before the Assessing Officer.

2. Additional amount of income-tax payable on the said income.

3. Full and true statement of facts regarding the issues to settled, including the terms of settlement sought for by the applicants.

4. The manner in which the income referred to in item No. 1 has been derived.

Place........................................ ............................

Date ....................................... Signed

(Applicant)

Note:

The Annexure should be accompanied by ---

(i) Statement(s) containing computation of total income of the applicant for the assessment year or years to which the application for settlement relates, in the accordance with the provision of the Act;

(ii) Copies of the manufacturing account or trading account or both, as the case may be, profit and loss account or income and expenditure account or any other similar account, as the case may be, and balance sheet; and

(iii) In the case of ---

(a) a proprietary business or profession, copies of the personal account of the proprietor;

(b) a firm or association of persons or body of individuals, copies of the personal accounts of the partner or members thereof, as the case may; and

(c) a partner of a firm or a member of an association of persons or body of individuals copies of the personal accounts of such partner or member in the firm or association of persons or body of individuals, as the case may be.

0 PDF downloads

0 Word downloads

Download PDF₹99 Download Word₹99

Frequently asked questions

What is the Form of Application for Settlement of Cases under Section 245C(1) of the Income-Tax Act?→

This is the prescribed legal form in India for taxpayers to apply for settlement of pending income tax cases before the Income Tax Settlement Commission under the Income-Tax Act, 1961.

Who can file this application under Section 245C(1)?→

Assessees in India who have furnished their income tax returns and have cases pending before assessing officers or higher authorities are eligible to file this application.

Is this form legally valid for use across India?→

Yes, this form is officially prescribed under the Income-Tax Act and holds full legal validity for settlement applications throughout India.

Does this application form require stamp duty or court fee?→

No, stamp duty or court fee is not required for this application as it is a statutory form submitted directly to the Income Tax Settlement Commission in India.

In what format can I download this form?→

You can download this agreement in editable Word or print-ready PDF format, suitable for immediate use or customization.

Can I customize or edit this form before submission?→

Yes, the Word version of this downloadable form is fully customizable to include your specific details, ensuring compliance with Indian income tax requirements.

FROM OF APPLICATION FOR SETTLEMENT OF CASES UNDER SECTION 245C(1) OF THE INCOME-TAX ACT

Non-Judicial

FORM NO. 34B

[See rules 44C and 44CA]

From of application for settlement of cases under section 245C(1) of the Income-tax Act, 1961

IN THE SETTLEMENT COMMISSION

*Settlement application No. 19 ?19

1. Full name and address of the applicant

2. Permanent Account Number

3. Status [see Note 4]

4. The Commissioner having jurisdiction over the applicant

5. Assessment year(s) in connection with which the application for settlement is made

6. Date of filing the return of income for assessment year(s) referred to in column 5

7. Proceedings to which application for settlement relates, the date from which the proceedings are pending and the income-tax authority before whom the proceedings are pending [See Note 6]

9. Date of seizure, if any, under section 132 of the Income-tax Act

10. Particulars of the issues to be settled, nature and circumstances of the case and complexities of the investigation involved [See Note 7]

Signed

(Applicant)

Verification

[designation]

and that I am competent to make this application and to verify it.

Verified today the day of 19

Place . ..

Signed

(Applicant)

Notes:

1. The application for settlement must be in quintuplicate.

3. *The number and year of application will be filled in the office of the Settlement Commission.

4. Pleasestate whether individual, Hindu undivided family, company, firm an association of persons, etc.

5. IF the space provided is found insufficient, separate enclosure may be used for the purpose.

8. The application for settlement of a case shall not be allowed to be withdrawn by the applicant.

9. The additional amount of income-tax payable on the income referred to in item 11 should be calculated in the manner laid down in sub-section (1A) to (1D) of section 245C.

10. The details referred to in item 11 shall be given in the Annexure to this application.

ANNEXURE

Settlement containing particulars referred to in item 11 of the application under section 245C(1) of the Income-tax Act, 1961

1. Amount of income, which has not been disclosed before the Assessing Officer.

2. Additional amount of income-tax payable on the said income.

3. Full and true statement of facts regarding the issues to settled, including the terms of settlement sought for by the applicants.

4. The manner in which the income referred to in item No. 1 has been derived.

Place........................................ ............................

Date ....................................... Signed

(Applicant)

Note:

The Annexure should be accompanied by ---

(iii) In the case of ---

(a) a proprietary business or profession, copies of the personal account of the proprietor;

(b) a firm or association of persons or body of individuals, copies of the personal accounts of the partner or members thereof, as the case may; and

0 PDF downloads

0 Word downloads

Download PDF₹99 Download Word₹99