The Income Tax Department has launched Form 141, a consolidated challan-cum-statement that replaces four separate TDS forms for various transactions. This new form combines Form 26QB, Form 26QC, Form 26QD, and Form 26QE, previously used for different TDS filings. Form 141 is now mandatory for reporting and depositing TDS on rent payments exceeding Rs 50,000 per month and property purchases of Rs 50 lakh or more.
Under the updated regulations, Form 141 must also be used to report professional, commission, or contract labour payments surpassing Rs 50 lakh annually by individuals or Hindu Undivided Families not under tax audit. Additionally, payments for virtual digital assets (VDAs) like cryptocurrencies or NFTs are included in Schedule D of the form, subject to specific thresholds.
Taxpayers submitting Form 141 will be required to provide PAN details of both deductors and deductees, along with their addresses, mobile numbers, and email IDs. The form necessitates details of transactions based on service nature and payment mode. It can be filed through the e-filing portal using PAN in the e-Pay Tax section, selecting relevant schedules, filling in necessary information, making online payments, submitting the form, and downloading the challan-cum-statement.
Analysts noted a significant change with Form 141, where the number of buyers determines the forms to be filed, not the sellers. This allows multiple sellers to be reported together in a single form. Moreover, the form now includes the term ‘if available,’ enabling the skipping of registration details, streamlining the filing process, especially when payments precede formal registration.
