FORGOTTEN HISTORY: The central board of direct taxes - The Untold Story

Good news: If penalty is imposed for misreporting of income or other cases you can apply for waiver of penalty using revised Form 161; Check the details

On October 8, 2026, the Central Board of Direct Taxes introduced a revised Form 161 for taxpayers. This new form allows eligible individuals to apply for a waiver of penalty related to misreported income. Taxpayers must meet specific statutory conditions when applying for this relief through the amended form. The…

The Economic Times · Oct 9

Income Tax Rules 2026 amended: CBDT revises Form 169, Form 171; extends these deadlines

The Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electronic communication and tax recovery processes. The deadlines for registering valuers and income tax professionals have been pushed back, allowing applicants until March 31, 2027, to finalize their registrations.

The Economic Times · Sep 19

Income Tax Department launches nationwide verification of suspicious foreign remittances

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said.

The Economic Times · Aug 19