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of <h1>Assessees can file one settlement application for multiple years under Income-tax and Wealth Tax Acts with Rs.500 fee.</h1> An assessee can file a single settlement application before the Settlement Commission for multiple assessment years under the Income-tax Act, 1961, and Wealth Tax Act, 1957, with a fee of Rs.500. The Settlement Commission has identified issues where assessees either file multiple applications or pay excess fees due to lack of information. The current procedure for fee payment via challans may lead to misclassification, affecting revenue distribution between the Union and States. The Board is considering a separate form for fee payments. Refunds for excess payments can be processed by the ITO upon certification from the Settlement Commission.
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