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Income Tax Form 161 Revised, Taxpayers Must Pay Up To 120% Additional Tax For Penalty Waiver
New Delhi: The Central Board of Direct Taxes (CBDT) has revised Form 161, introducing fresh disclosure and payment requirements for taxpayers seeking a waiver of penalty under the Income-tax Act, 2025. The changes were notified on October 8 through the Income-tax (Sixth Amendment) Rules, 2026. The revised form applies to applications filed under Section 440(2) of the Act. What Has Changed? The…
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