CBDT amends Income Tax Form 161 on 8 October: What changes for taxpayers seeking penalty waiver? Expert explains

The Central Board of Direct Taxes (CBDT) has amended Income Tax Form 161, effective from 8 October. The changes simplify the process for taxpayers seeking a penalty waiver. The revised form requires applicants to provide their Aadhaar or PAN number, and the form can now be submitted online.

The amendment aims to reduce the burden on taxpayers and streamline the penalty waiver process. However, the specific conditions for penalty waiver remain unchanged.