Form 141 replaces 4 TDS forms:
What property buyers, tenants must know
New Delhi, Oct 20, 2026
The new form covers TDS on rent, property purchases, contractor payments and crypto transfers, with separate schedules for each transaction type.
The Income Tax Department has consolidated four tax deducted at source (TDS) reporting forms into a single Form 141.
It simplified compliance for individuals and Hindu Undivided Families (HUFs) involved in specified property transactions, rent payments, payments to contractors and professionals, and virtual digital asset transfers.
The change is part of the transition to the Income-tax Act, 2025. Form 141 replaces Forms 26QB, 26QC, 26QD and 26QE, which were earlier used to report TDS on specified transactions. The consolidated form combines tax payment and reporting in one process.
From October 1, 2026, an additional Schedule E has also been introduced to cover property purchases by resident individuals and HUFs from non-resident sellers. This allows eligible buyers to report TDS through Form 141 without obtaining a Tax Deduction and Collection Account Number (TAN) for such transactions.
What transactions does Form 141 cover?
The form has five schedules, each covering a specific category of transaction.
· Schedule A: TDS on rent paid by an individual or HUF.
· Schedule B: TDS on the transfer of immovable property.
· Schedule C: TDS on payments made by individuals or HUFs to contractors or professionals.
· Schedule D: TDS on the transfer of virtual digital assets (VDAs), such as cryptocurrencies, by individuals or HUFs.
· Schedule E: TDS on the purchase of immovable property by a resident individual or HUF from a non-resident seller.
The applicability of each schedule depends on the nature of the transaction and the taxpayer's status. For instance, Schedules A, C and D are available only to individual and HUF deductors. Schedule B covers property transactions involving resident sellers, while Schedule E specifically deals with purchases from non-residents.
Companies and other taxpayers must use the applicable TAN-based TDS reporting forms where Form 141 is not available to them.
Does one Form 141 cover multiple transactions?
No. Taxpayers must select the relevant schedule for the type of transaction being reported. A single form cannot be used to report different categories of transactions.
The Income Tax Department's guidance also places conditions on reporting multiple deductees in one form. They must belong to the same deductee category and have the same month of deduction. Separate forms are required where the relevant conditions are not met.
For example, a taxpayer reporting TDS on rent cannot include a property purchase in the same form. The two transactions must be reported separately under the appropriate schedules.
Who is responsible for filing the form?
The person making the payment and responsible for deducting TDS is the deductor. The person receiving the payment is the deductee.
For property purchases, the buyer is generally the deductor and the seller is the deductee. For rent, the tenant or payer is responsible for deducting and depositing tax where the applicable provisions require it. The same principle applies to payments to contractors, professionals and transactions involving VDAs.
For a property purchase from a non-resident, Schedule E is available only when the buyer is a resident individual or HUF. The buyer can report the transaction through Form 141 under the provisions applicable from October 1, 2026.
How can taxpayers file Form 141?
Taxpayers must log in to the Income Tax Department's e-filing portal using their PAN credentials. The form is available under the Income-tax Act, 2025.
The filing process involves selecting the relevant form, entering the deductor and transaction details, providing information about the deductee and recording the tax deducted and deposited. Taxpayers should check the details carefully before submitting the form.
The department's guidance states that the challan-cum-statement must be filed within one month from the end of the month in which TDS is deducted. The deducted amount must also be deposited within the prescribed period.
What taxpayers should keep in mind
The consolidation reduces the need to navigate four separate forms, but it does not remove the obligation to deduct TDS wherever the law requires it. Taxpayers must identify the correct schedule, apply the relevant TDS provisions and meet the prescribed payment and filing deadlines. Form 141 simplifies reporting; it does not make every transaction eligible for the same filing route.
[The Business Standard]
