CBDT revises Form 161 for penalty waiver applications
In short
The Central Board of Direct Taxes brought out a revised Form 161 on October 8, 2026.
Eligible taxpayers can use it to ask for a penalty waiver in misreported-income cases. The report does not say how many people may qualify or get relief.
What the reporting says
The Central Board of Direct Taxes introduced a revised Form 161 on October 8, 2026 for taxpayers seeking waiver of penalty in misreported-income and other eligible cases. The summary says applicants must meet statutory conditions, make timely tax payments, and have no pending appeals. What is not stated is how many taxpayers may benefit or how often the waiver will be used.
Why it matters
The Central Board of Direct Taxes introduced a revised Form 161 on October 8, 2026, allowing eligible taxpayers to apply for a waiver of penalty in misreported-income and other cases. The summary says applicants must meet statutory conditions, pay taxes on time, and have no pending appeals. The reporting does not state the number of eligible taxpayers or the likely scale of relief.