Income Tax Act 1961 vs 2025: List of new TDS forms and certificates every taxpayer, salaried employee needs to know

The Income-tax Act, 2025, came into effect on 1 April 2026, replacing the Income-tax Act, 1961. Alongside the legislative changes, several income-tax forms have been renumbered or reorganized under the Income-tax Rules, 2026.

Here are the key forms to know and what they cover under the new framework.

The forms for quarterly TDS filing, with statements due by 31 July, 31 October, 31 January and 31 May for the April–June, July–September, October–December and January–March quarters, respectively, have changed.

• Form 138 (old Form 24Q): Employers and banks that pay salary, pension and interest income to eligible senior citizens use this form to submit TDS deductions.
• Form 140 (old Form 26Q): Used to report TDS on payments other than salary to residents, covering applicable payments such as rent, professional fees, commission and interest.
• Form 144 (old Form 27Q): Used to report TDS on specified payments other than salary made to non-residents.
• Form 143 (old Form 27EQ): Used to file quarterly statements of tax collected at source (TCS).
• Form 131 (old Form 16A): A TDS certificate for payments other than salary, showing the tax deducted and helping recipients claim TDS credit while filing their income-tax returns. The tax deductor must issue it within 15 days of the quarterly TDS statement filing deadline.

Form 141 (old Forms 26QB, 26QC, 26QD and 26QE): This consolidated challan-cum-statement covers specified transactions that previously required separate forms.

These include TDS on certain property purchases, rent payments, payments to individuals and Hindu Undivided Families (HUFs) by contractors or professionals, and transfers of virtual digital assets.

Unlike quarterly TDS statements, Form 141 is filed on a transaction-specific basis. The applicable deadline is 30 days from the end of the month in which tax is deducted.

• Form 130 (old Form 16): The TDS certificate issued by an employer to an employee, detailing salary income and tax deducted at source. Employees use this when preparing their income-tax returns.
• Form 124 (old Form 12BB): Used by employees to declare eligible claims to their employers, such as house rent allowance (HRA), deductions, and tax-saving investments, for the purpose of calculating TDS.
• Form 123 (old Form 12BA): Provides details of perquisites or benefits provided by an employer to an employee.
• Form 122 (old Forms 12B and 12BAA): To declare salary earned from previous employers during the same tax year, losses from house property, other income, and TDS/TCS details to their current employer. This helps the employer calculate the correct tax liability and deduct TDS accordingly.

• Form 121 (old Forms 15G and 15H): This allows taxpayers to declare that their estimated tax liability is nil and to claim non-deduction of TDS. For example, an individual earning interest on fixed deposits (FDs) can submit this declaration to the bank for non-deduction of TDS. Previously, Form 15G was used by individuals under 60 years, while resident senior citizens used Form 15H.
• Form 125 (old Form 12BBA): Allows resident senior citizens aged 75 or above, whose income consists only of pension and interest from the bank, to seek exemption from filing an ITR.
• Form 168 (old Form 26AS): Covers the annual tax-credit statement, helping taxpayers verify information such as TDS and TCS credits and other tax-related details reflected in the statement. Taxpayers need to reconcile these details with their own records before filing returns.

Sheetal Goel is a Content Producer at Livemint, where she covers corporate developments, personal finance, business trends, markets, and SEBI-related updates. She focuses on simplifying complex financial concepts and presenting them in a clear, reader-friendly manner, thereby helping audiences better understand investment trends, personal finance, and market developments. Her writing focuses on making finance more accessible to everyday readers while maintaining clarity, accuracy, and relevance. <br><br> She holds a degree in Economics (Hons.) along with an MBA in Finance, which has helped her develop a strong foundation in financial analysis, market understanding, and business reporting. Before joining journalism, she worked with finance and broking firms, where she closely followed market developments, investment strategies, and evolving industry trends. This practical exposure strengthened her understanding of financial markets. She has also written content across multiple formats and platforms, including YouTube, LinkedIn, and Instagram. <br><br> Over time, she has developed expertise in covering market-linked stories, investor-focused topics, and regulatory updates in a simplified yet informative style. She also enjoys reading and listening to Hindi poetry, reflecting her appreciation for literature and creative expression beyond the world of markets and numbers.

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HomeMoneyPersonal FinanceIncome Tax Act 1961 vs 2025: List of new TDS forms and certificates every taxpayer, salaried employee needs to know

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