Latest TDS News & Updates

Income Tax Department Introduces Form 141 to Simplify TDS Filing

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New Delhi, April 14 (IANS) The Income Tax Department has introduced Form 141, a consolidated challan‑cum‑statement that replaces four separate TDS forms for different types of transactions.The new form merges Form 26QB, Form 26QC, Form 26QD and Form 26QE, which were earlier used for filing TDS on property purchases, TDS on rent, TDS on payments to contractors or professionals and TDS on transfer of virtual digital assets respectively.Under the revised rules, Form 141 must be used to report a…

India’s Direct Tax System Set for Overhaul with New Income Tax Act

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New Delhi, March 31 (IANS) As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force — replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology and taxation.Major reform under the new framework is the replacement of the ‘Financial Year’ (FY) and ‘Assessment Year’ (AY) with a single ‘tax year’, which could simplify the filing process a…

Deadline to Link PAN with Aadhaar Nears: Act Now to Avoid Inactivation

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New Delhi, Dec 24 (IANS) The deadline to link Permanent Account Number (PAN) with Aadhaar is December 31, and failure to do so may result in the PAN becoming inactive after this date.Taxpayers who have not completed the linking process are advised to act promptly to avoid financial and compliance-related difficulties.According to a notification issued by the Income Tax Department on April 3, 2025, individuals who were allotted a PAN on or after October 1, 2024, are required to link their PAN wit…