Form 141 TDS filing: What changes for property buyers, tenants and taxpayers under the new Income Tax Act

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. The change affects individuals and Hindu undivided families (HUFs) who deduct TDS on property purchases, rent payments, payments to contractors and professionals, and transfers of virtual digital assets (VDAs).

The new form applies to transactions for which the payment or credit took place on or after 1 April 2026. For transactions where the payment or credit occurred on or before 31 March 2026, the earlier forms under the Income-tax Act, 1961, continue to apply, according to the Income Tax Department.

The consolidation is intended to simplify compliance by bringing these transactions under one form. However, taxpayers must still select the relevant schedule and provide transaction-specific information when filing.

Which four TDS forms have been replaced?

Form 141 brings together four forms that were previously used for different types of transactions.

• Form 26QB: TDS on the purchase of immovable property.
• Form 26QC: TDS on rent paid by individuals or HUFs.
• Form 26QD: TDS on payments to contractors and professionals by individuals or HUFs.
• Form 26QE: TDS on the transfer of virtual digital assets, including cryptocurrencies, where TDS applies.

Under the new system, these transactions are reported through Schedules A, B, C and D, respectively, of Form 141. Taxpayers need to fill only the schedule relevant to their transaction, rather than complete all four schedules.

What property buyers need to know

For individuals purchasing property, Form 141’s Schedule B replaces Form 26QB for transactions covered by the applicable provisions of the new Act.

Buyers must provide transaction details, including the type and address of the property, agreement date and relevant payment information. The form also requires details of the seller and the tax deducted.

The consolidation does not, by itself, change the underlying TDS obligation. Buyers must still determine whether TDS applies to their transaction and comply with the applicable deduction and payment requirements.

A separate development affects property purchases from non-resident sellers. From 1 October 2026, resident individuals and HUFs purchasing immovable property from non-residents can report applicable TDS through Schedule E of Form 141.

Previously, such buyers were required to obtain a tax deduction and collection account number (TAN) and file Form 144 through the TRACES portal. The new facility removes the requirement to obtain a TAN for these transactions, subject to the applicable conditions.

How the change affects tenants and people paying contractors

Individuals and HUFs deducting TDS on rent can use Schedule A instead of Form 26QC. Schedule C covers applicable payments to resident contractors and professionals, replacing Form 26QD.

For taxpayers, the main change is the filing mechanism. They must select the relevant schedule, enter the required details and complete the tax payment and reporting process through the income tax e-filing portal.

The form is designed for PAN-based filing, so a TAN is not generally required for the transactions covered by Schedules A to D. The rules applicable to each type of payment, including the circumstances in which TDS must be deducted, continue to determine the taxpayer’s obligations.

How to file Form 141

Taxpayers must log in to the income tax e-filing portal using their PAN-based account and navigate to the e-Pay Tax section. They can select Form 141, choose the appropriate schedule and enter the required details of the transaction and the deductee.

The form also provides for tax payment and submission of the challan-cum-statement. Taxpayers should verify the information entered and retain the challan receipt and filing confirmation for their records.

The important distinction is the transaction date. Taxpayers should use the earlier forms for transactions covered by the old Act up to 31 March 2026 and Form 141 for transactions covered by the new Act from 1 April 2026. Those purchasing property from non-residents should also check the Schedule E facility introduced from 1 October 2026.