CBDT Notifies Revised Form 161 for Penalty Waiver Under Section 440
Direct TaxPenaltyIncome-tax Act, 2025 CBDT has replaced Form 161, the application for waiver of penalty under section 440(2) of the Income-tax Act, 2025. The new form spells out the computation taxpayers must show before seeking relief. What the new form requires Order details: tax year, section, DIN, order and service dates, assessed income and under-reported […]
Tax Audit Due Date Extended to 21 October; ITR to 21 November 2026
Direct TaxDue DatesAY 2026-27 CBDT has extended the due dates for tax audit reports and income-tax returns for AY 2026-27 for audited assessees who are not required to file a transfer pricing report. Revised due dates Tax audit report: 30 September 2026 → 21 October 2026. Income-tax return: 31 October 2026 → 21 November 2026. […]
No TAN Needed to Deduct TDS When Buying Property from an NRI
Direct TaxTDSEffective 1 Oct 2026 Buying a flat or plot from a non-resident no longer means applying for a TAN. From 1 October 2026, resident individuals and HUFs can deposit and report the TDS using just their PAN. What has changed CBDT has notified the Income-tax (Fifth Amendment) Rules, 2026, amending Rules 215, 218 and […]