New Form 141 replaces 4 TDS forms for property buyers, rent payments and VDAs: What changed under Income Tax Act 2025

The Income-tax Act, 2025, which came into effect on April 1, 2026, introduces changes to how taxpayers report tax deducted at source (TDS).

One such change is Form No. 141, which consolidates the reporting and payment requirements for several specified transactions into a single form, replacing the need to use multiple forms for these purposes.

Applicable to transactions from Tax Year 2026–27 onwards, Form 141 covers specified payments involving property purchases, rent, contractor and professional fees, and virtual digital assets (VDAs). Here's what you need to know.

Form 141 is a unified form for reporting and paying TDS on specified transactions. It replaces four earlier forms:

• Form 26QB: TDS on the purchase of immovable property.
• Form 26QC: TDS on rent payments.
• Form 26QD: TDS on payments to resident contractors, professionals and others.
• Form 26QE: TDS on the transfer of virtual digital assets.

Instead of submitting a separate form for each of these categories, taxpayers can use Form 141 and select the relevant schedule.

The deductor is the person responsible for deducting tax from a payment and depositing it with the government. The deductee is the person whose payment is subject to TDS and from whose amount the tax is deducted.

For example, when a buyer purchases a property covered by TDS provisions, the buyer is the deductor and the seller is the deductee. Similarly, a person making a covered rent payment may have to deduct TDS from the amount payable to the landlord.

The applicable rules determine whether TDS must be deducted, the rate and the threshold. Not every payment automatically attracts TDS.

The form has four schedules, each meant for a specific transaction category:

• Schedule A — Rent payments: The person paying rent must deduct TDS from rent payable to the landlord if the rent is ₹50,000 per month.
• Schedule B — Purchase of immovable property: The buyer must deduct TDS from the payment to the seller when the property transaction value is ₹50 lakh or more.
• Schedule C — Payments to resident contractors or professionals: The person making the payment must deduct TDS from payments to resident contractors or professionals when the applicable threshold of ₹50 lakh is crossed.
• Schedule D — Transfer of virtual digital assets: The person responsible for making the payment for the transfer of virtual digital assets (VDAs) must deduct TDS. No monetary threshold is prescribed for this category.

Yes, but only under specific conditions. A single Form 141 can cover multiple transactions of the same nature if the tax deduction relates to the same month.

However, each filing can contain only one schedule. Transactions belonging to different categories cannot be combined in the same form. Similarly, transactions involving deductions in different months cannot be clubbed together in one filing.

Form 141 must be filed within 30 days from the end of the month in which TDS is deducted. The tax payment must be made electronically on the e-filing portal along with the submission of the form.

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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