The Income Tax Department merged four TDS forms into a single Form 141 under the Income-tax Act, 2025. This new rule applies to payments made on or after April 1, 2026. It covers property, rent, professional fees, and digital assets. Taxpayers must file this form within 30 days of deduction.

The Income Tax Department has consolidated four tax deducted at source (TDS) forms into a single filing form, Form 141, under the Income-tax Act, 2025, bringing specified transactions involving property purchases, rent payments, contractor and professional fees, and virtual digital assets under a common reporting mechanism.

According to the department's official FAQs, Form 141 replaces Forms 26QB, 26QC, 26QD and 26QE, which were used for reporting TDS on these transactions under the Income-tax Act, 1961.

The new framework applies to transactions where the date of credit or payment falls on or after April 1, 2026.

Transactions covered by the earlier law up to March 31, 2026, continue to be governed by the corresponding provisions of the old Act.

Which transactions are covered under Form 141?

Form 141 is a challan-cum-statement used to deposit TDS and report the deduction to the tax department. It has separate schedules for different types of transactions.

* Schedule A: TDS on specified rent payments, earlier reported through Form 26QC.

* Schedule B: TDS on the purchase of immovable property, earlier reported through Form 26QB.

* Schedule C: TDS on specified payments to resident contractors and professionals, earlier reported through Form 26QD.

* Schedule D: TDS on the transfer of virtual digital assets, including specified cryptocurrency transactions, earlier reported through Form 26QE.

The department has also introduced Schedule E with effect from October 1, 2026, for reporting TDS on the transfer of immovable property by a non-resident to a resident individual or Hindu Undivided Family (HUF).

Such transactions were earlier reported through Form 144 and required the buyer to obtain a Tax Deduction and Collection Account Number (TAN). Under the revised mechanism, the buyer can report the transaction through Form 141 using PAN, subject to the applicable requirements.

Who needs to file Form 141?

A person responsible for deducting TDS on a transaction covered by the form must file the relevant schedule. The applicable schedule depends on the nature of the transaction and the status of the parties involved.

Taxpayers are not required to fill in every schedule. They must select the one applicable to their transaction, and separate filings may be necessary where the transactions fall under different categories.

What is the filing deadline?

The department's guidance states that TDS must be deposited and Form 141 furnished within 30 days from the end of the month in which the tax was deducted, subject to the applicable provisions.

The form is available through the Income Tax Department's e-filing portal under the e-File and e-Pay Tax sections. Taxpayers can select the applicable Income-tax Act, 2025 option and proceed to Form 141.

The consolidation changes the reporting mechanism rather than automatically changing the underlying TDS rates or thresholds. Taxpayers must continue to determine the applicable deduction requirements based on the nature and value of the transaction and the relevant provisions of the law.