Settlement of tax cases requires full disclosure and prepayment of tax and interest before filing an application. An assessee may apply to the Settlement Commission in prescribed form to settle a case by fully disclosing previously undisclosed income or wealth, ... Summary
Settlement of tax cases requires full disclosure and prepayment of tax and interest before filing an application.
An assessee may apply to the Settlement Commission in prescribed form to settle a case by fully disclosing previously undisclosed income or wealth, explaining its derivation, stating additional tax or wealth-tax payable with proof of payment, and furnishing prescribed particulars. Eligibility requires prior filing of required returns, payment of the additional tax and interest before application, and meeting prescribed additional-tax thresholds; applications must include prescribed fees, cannot be withdrawn, and the Assessing Officer must be notified of the application in the prescribed manner.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.