14-October-2026
Taxation
 
Income tax penalty waiver: CBDT revises Form 161 to cover misreporting cases; check rules
13-Oct-2026

An income tax penalty can run into a substantial amount, especially in cases involving misreporting of income. But taxpayers may have a way to seek relief. The Central Board of Direct Taxes has revised Form 161 to bring cases of misreporting within the scope of the penalty waiver process, subject to specified conditions.

News Source:- https://www.financialexpress.com/money/income-tax-penalty-waiver-cbdt-revises-form-161-to-cover-misreporting-cases-check-rules-4359391/?ref=personalfinance_hp
 
 
 

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