Income Tax: The CBDT has replaced Form No. 161 with a new form for seeking a waiver of penalty under section 440(2) of the Income-tax Act, 2025, as substituted by the Finance Act, 2026. The waiver requires payment of tax, interest and additional income-tax of 100% or 120% of the tax on under-reported income from misreporting within the demand notice due date, with no appeal filed.(12.10.2026)

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Income Tax:

The CBDT has replaced Form No. 161 with a new form for seeking a waiver of penalty under section 440(2) of the Income-tax Act, 2025, as substituted by the Finance Act, 2026. The waiver requires payment of tax, interest and additional income-tax of 100% or 120% of the tax on under-reported income from misreporting within the demand notice due date, with no appeal filed.

[Notification No. 134/2026 dated 08.10.2026]