DT Next Explains |I-T Dept rolls out Form 141, merging four TDS forms: 15 points to know

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.