I-T Dept Introduces Form 141, Merges 4 TDS Forms; Applies To ₹50K Rent, ₹50 Lakh Property Deals
The Income Tax Department has launched Form 141, merging four TDS forms into one. It applies to rent above Rs 50,000 per month, property deals over Rs 50 lakh, and certain high-value payments. The move simplifies filing, allows multiple sellers in one form, and eases compliance with fewer documentation requirements.
The Income Tax Department has launched Form 141, merging four TDS forms into one. |
New Delhi: The Income Tax Department has introduced a new form called Form 141. It is a single, combined challan-cum-statement that replaces four older TDS forms. These include Form 26QB, 26QC, 26QD and 26QE, which were earlier used for different types of payments.
Which Payments Are Covered?
Form 141 will now be used for several types of transactions. It is required for rent payments above Rs 50,000 per month and property purchases worth Rs 50 lakh or more.
It also applies to payments made by individuals or Hindu Undivided Families for professional services, commissions or contract work above Rs 50 lakh in a financial year, if they are not under tax audit.
Payments related to virtual digital assets like cryptocurrencies and NFTs are also included under this form.
Simple Filing Process
Taxpayers can file Form 141 through the income tax e-filing portal. They need to log in using their PAN, go to the e-Pay Tax section, select the relevant schedule, fill in details, make payment and submit the form.
After submission, a challan-cum-statement can be downloaded.
Details Required
While filing, users must provide PAN details of both the deductor and deductee. Other required details include address, mobile number and email ID of both parties.
They also need to give transaction details such as nature of service and payment method.
Key Changes Introduced
A major change is that the number of buyers will now decide how many forms need to be filed. Earlier, the number of sellers mattered, but now multiple sellers can be included in a single form.
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Another important change is the use of the term ‘if available’, which allows taxpayers to skip certain registration details if they are not ready at the time of payment. This makes the process easier and more flexible.
Why This Matters?
Form 141 aims to simplify TDS filing by reducing paperwork and combining multiple forms into one. It is expected to save time, reduce errors and make compliance easier for taxpayers.
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