CHENNAI: The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement aimed at simplifying TDS compliance. The new form replaces four existing forms used for different transactions, streamlining reporting and payment into a single unified system.
Form 141 replaces Forms 26QB, 26QC, 26QD and 26QE.
It covers TDS on property, rent, professional/contract payments and virtual digital assets.
Acts as a single form for both reporting and depositing TDS.
Applicable for property purchases worth Rs 50 lakh or more.
Mandatory for rent payments above Rs 50,000 per month.
Covers professional, commission and contract payments above Rs 50 lakh annually by individuals/Hindu Undivided Families not under tax audit.
Includes transactions involving cryptocurrencies and NFTs under Schedule D.
Requires PAN and basic contact details of both deductor and deductee.
Transaction details must include service type and payment mode.
Can be filed via the Income Tax e-filing portal under e-Pay Tax.
Users must select relevant schedules, fill details, pay and submit.
Challan-cum-statement can be downloaded after submission.
Number of buyers determines the number of forms to be filed.
Multiple sellers can be reported in a single form.
Allows certain details to be skipped with “if available” clause, easing filing.