Tag: Form 161

Income Tax Notifications & Order IT

Penalty Waiver Under Section 440 of the Income-tax Act 2025: CBDT Notification 134/2026 Brings the New Form 161 for Misreporting Cases

CA Adityavikram Banka

CBDT Notification 134/2026 substitutes Form 161 for penalty waiver under Section 440: pay 100% or 120% additional income-tax instead of a 200% misreporting penalty.