Settlement application under section 245C requires full disclosure of undisclosed income, computation of additional tax and supporting accounts.

Form No. 34B prescribes the application for settlement under section 245C(1), requiring applicant identification and jurisdictional details, assessment year(s), particulars of issues to be settled, full disclosure of income not disclosed to the Assessing Officer, the manner of derivation, and computation of additional income-tax and interest payable. The application must include an annexure with computations, accounts and supporting personal or business accounts, be accompanied by the prescribed fee, signed and verified, and submitted in the required copies.

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