CBDT Amends Form 161 to Allow Penalty Waiver Requests

The Central Board of Taxpayers has amended Form 161 under the Income-tax (Sixth Amendment) Rules, 2026, adding "or waiver" to Rule 231. Effective October 8, 2026, taxpayers can now seek waiver of penalties for misreported income, a relief not previously available. Filing the form, however, bars any appeal against the assessment order.