Now Reading: Income Tax Dept unveils single Form 141 replacing four TDS forms
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Income Tax Dept unveils single Form 141 replacing four TDS forms
The Income Tax Department has introduced a single unified form, Form 141, to replace four separate forms previously used for reporting tax deducted at source (TDS) on specified transactions. The new form consolidates the reporting requirements of Forms 26QB, 26QC, 26QD, and 26QE.
Form 141, introduced under the Income-tax Act, 2025, covers transactions including rent payments by individuals or HUFs, transfer of immovable property, payments to contractors or professionals, transfers of virtual digital assets, and purchases of immovable property from non-resident sellers. A separate form must be filed for each type of transaction. With effect from October 1, 2026, the form also permits reporting where the deductee is a non-resident under Schedule E.
The department stated on X that the change is intended to offer a streamlined and user-friendly filing experience. The deductor varies by transaction type: for property purchases, the buyer is the deductor, for rent, the tenant.
Indian Opinion Analysis
Form 141 consolidates five schedules into one form, reducing paperwork for taxpayers who previously navigated four separate forms for property, rent, contractor payments, and digital asset transactions. The inclusion of non-resident sellers under Schedule E from October 1, 2026, extends the simplification to cross-border property deals, a segment that previously required a separate form. The key limitation is that each filing covers only one transaction type, meaning multiple filings are still needed for different categories. The department has not yet clarified whether Form 141 will eventually expand to cover other TDS categories.
Source: economictimes.indiatimes.com
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