New Form 141 introduced for TDS filing
The Income Tax (I-T) Department has introduced Form No. 141, a new consolidated challan-cum-statement that replaces four existing TDS forms—Form 26QB, Form 26QC, Form 26QD and Form 26QE.
Four TDS forms merged into one Form 141
Earlier, taxpayers had to file different forms depending on the nature of the transaction. All these forms have now been combined into Form 141.
Form 26QB – TDS on purchase of property
Form 26QC – TDS on rent payments
Form 26QD – TDS on payments to contractors or professionals
Form 26QE – TDS on transfer of virtual digital assets (VDAs)
Who needs to file Form 141
The requirement to file Form 141 depends on the type of payment made. Typically, the following persons need to file Form 141: tenants paying high-value rent, buyers purchasing property, individuals or HUFs making large professional or contract payments, etc. Also, buyers or payers involved in virtual digital asset transfers are also supposed to file Form 141.
Which transactions are covered under Form 141?
Form 141 is used to report and deposit TDS for the following types of transactions:
TDS on rent above Rs 50,000 per month
Individuals or HUFs paying rent greater than Rs 50,000 per month must deduct TDS and submit it under Schedule A of Form 141.
TDS on purchase of property worth Rs 50 lakh or more
Purchasers of real estate (apart from agricultural land) worth at least Rs 50 lakh are required to file details under Schedule B and deduct TDS.
TDS on professional, commission or contract payments above Rs 50 lakh
Schedule C must be filed by individuals or HUFs (not subject to tax audit) who spend more than Rs 50 lakh in a fiscal year for contract labour, professional services, commissions or broking.
TDS on transfer of virtual digital assets
Subject to certain levels, payments made for virtual digital assets (VDAs), such as cryptocurrencies or NFTs, are covered under Schedule D.
Key details required to file Form 141
To file the form successfully, taxpayers will need:
PAN details of deductors and deductees
Address, mobile number, and email ID of both parties
Transaction-specific details (details of payment made/credited):
Rent amount/date (Schedule A)
Property value/date (Schedule B)
Nature of service and amount (Schedule C)
Type of VDA, date of transfer, consideration value
Mode of transfer/payment (Schedule D)
How to file Form 141?
Process flow of filing Form 141:
Step 1: Login to the Income-tax e-filing portal using PAN
Step 2: Go to ‘e-Pay Tax’
Step 3: Select the relevant Schedule of Form 4.
Step 4: Fill details
Details of deductor & deductee: PAN, addresses, contact No., email ID.
Transaction details (rent/immovable property/service/VDA)
TDS rate, date of deduction, tax amount
Step 5: Payment and submission
Make online TDS payment
o Submit the Form
o Download the challan-cum-statement
What are the changes in Form 141?
Chartered accountant Himank Singla says, “The newly introduced Form 141 significantly expands the scope of reporting for TDS on purchase of immovable property. The most significant practical change introduced under the new Form 141 is that the number of buyers will now determine the number of forms required to be filed, irrespective of the number of sellers, as multiple sellers can now be reported together in a single form.
However, under the revised form, only 1 Form 141 will be required, with details of both sellers captured within the same form. Conversely, in a case involving two buyers and one seller, two separate Form 141 filings will now be required, one for each buyer. This buyer-wise filing approach simplifies reporting in multi-seller cases, reduces repetitive data entry and aligns the reporting responsibility more logically with the deductor, i.e., the buyer.”
How the new Form 141 wording removes filing confusion
Singla says, “In real life transactions, TDS liability often arises at the time of agreement itself, when the first payment is made, while the actual property registration may happen weeks or even months later. Earlier, mentioning registration details sometimes created confusion because at the time of filing, registration had not yet taken place. By adding the words ‘if available’, the form now recognises this practical timeline and makes filing smoother, especially in cases where payments start well before the property is formally registered.”
How will the new instalment reporting rules under Form 141 work?
Singla says, “The requirement to report payments made in instalments continues under the new system, but the stage of payment is now clearly categorised as the first instalment, subsequent instalment or the final installment. In cases where payments are made in parts, the form also requires linking with earlier filings, which helps maintain continuity of the transaction record from beginning to completion. In practical terms, this means that the department will now be able to follow the payment trail more clearly across the life of the transaction.”
Overall, while the basic principles of reporting remain largely similar, the new Form 141 organises the same information in a more detailed and systematic manner. In simple terms, it moves the reporting process from a basic form-filling exercise to a more structured transaction record, which is expected to improve clarity, reduce duplication, and make verification easier for both taxpayers and the Income Tax Department.
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