Income Tax Department Launches Form 141, Consolidating Four TDS Forms

New Delhi, April 14: The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement that will replace four different TDS forms.

This new form combines Form 26QB, Form 26QC, Form 26QD, and Form 26QE, which were previously used for TDS on property purchases, rental payments, payments to contractors or professionals, and transfers of virtual digital assets, respectively.

According to the revised regulations, Form 141 can now be used to submit TDS for payments exceeding ₹50,000 per month and for property purchases above ₹50 lakh.

Additionally, this form can be utilized by individuals or Hindu Undivided Families reporting professional, commission, or contract labor payments exceeding ₹50 lakh in a financial year, provided they are not subject to a tax audit.

Under certain conditions, payments made for virtual digital assets (VDAs) like cryptocurrencies or NFTs also fall under the schedule provided in this form.

Taxpayers filling out the form will need to provide PAN details, addresses, mobile numbers, and email IDs for both the deductor and the deductee. The nature of services and details of the transaction, based on the payment or transfer methods, will also be required. Form 141 can be filled out on the e-filing portal by selecting the necessary schedules under the e-pay tax section using the PAN. After entering the required details, online payment can be made, and the challan-cum-details can be downloaded.

Analysts note a significant change in Form 141: the number of forms to be filled will now be determined by the number of buyers rather than the number of sellers, as multiple seller details can now be recorded in a single form.

–IANA,