New Delhi, April 14: The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement designed to streamline tax deducted at source (TDS) reporting by merging four previously separate forms into a single compliance structure.
The new system replaces Form 26QB, Form 26QC, Form 26QD and Form 26QE, which were earlier used separately for TDS related to property transactions, rental payments, contractor or professional services, and transfers involving virtual digital assets.
Under the revised framework, Form 141 will now be mandatory for reporting and depositing TDS on rent payments exceeding Rs 50,000 per month and on property purchases valued at Rs 50 lakh or above. It will also apply to payments exceeding Rs 50 lakh in a financial year made by individuals or Hindu Undivided Families not subject to tax audit, particularly for professional services, commissions, or contract labour.
The form also extends to transactions involving virtual digital assets, including cryptocurrencies and non-fungible tokens, under a designated schedule, subject to applicable thresholds. This inclusion brings digital asset transactions within the consolidated reporting system for the first time in this format.
Taxpayers filing Form 141 are required to provide comprehensive details, including Permanent Account Number (PAN) of both deductor and deductee, along with contact information such as address, mobile number, and email ID. Additional transaction-specific details, including the nature of services and payment mode, must also be furnished during filing.
The form can be accessed through the Income Tax e-filing portal using PAN credentials under the e-Pay Tax section. Users are required to select relevant schedules, enter transaction details, complete online payment, and submit the form to generate and download the challan-cum-statement.
Analysts have noted that the introduction of Form 141 represents a procedural shift in TDS compliance. The number of buyers involved in a transaction will now determine the number of forms to be filed, rather than the number of sellers, allowing multiple sellers to be reported within a single filing.
The revised format also introduces flexibility in documentation by incorporating the term “if available” for certain registration details, enabling taxpayers to proceed with filings even when formal registration is pending, particularly in cases where payment precedes registration.
The changes are expected to simplify compliance procedures while consolidating multiple reporting requirements into a single unified form under the tax administration system.
