AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Form No. 140 – Frequently Asked Questions
X X X X Extracts X X X X
X X X X Extracts X X X X
....orm No. 140 – Frequently Asked Questions<BR>Income Tax<BR>Dated:- 2-4-2026<BR><BR>Form No. 140 (Earlier Form No. 26Q) Form No. 140 - Frequently Asked Questions Quarterly statement of Deduction of Tax under section 397(3)(b) of the Income-tax Act, 2025 in respect of payments made other than salary to resident deductee Name of form as per I.T. Rules, 1962 26Q Name of form as per I.T....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... Rules, 2026 140 Corresponding section of I.T. Act, 1961 200(3) Corresponding section of I.T. Act, 2025 397(3)(b) Corresponding Rule of I.T. Rules, 1962 31A Corresponding Rule of I.T. Rules, 2026 219 1. What is Form No. 140? Ans: Form No. 140 is a quarterly statement filed by deductors responsible for deduction of tax at source on non-salary payments such as commi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssion, brokerage, professional fees, rent, etc. made to residents. 2. Who is required to file Form No. 140? Ans: Every person (company, firm, partnership, government, individual, etc.) responsible for making non-salary payments to a resident on which tax is deductible. 3. Is filing of Form No. 140 mandatory? Ans: Any deductor who is required to deduct tax on non-salary payments made to....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... residents, must file Form No. 140 for the relevant quarter(s). 4. What is the time limit for filing Form No. 140? Ans: Form No. 140 is to be filed quarterly: Quarter Period Due Date Q1 Apr - Jun 31st July of the Financial Year Q2 Jul - Sep 31st October of the Financial Year Q3 Oct - Dec 31st January of the Financial Year Q4 Jan - Mar 31st May of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Financial Year immediately following the Tax Year in which deduction is made 5. Is it mandatory to file Form No. 140 in electronic format? Ans: Yes. As per the Income-tax Rules, all TDS/TCS statements including Form No. 140 must be furnished electronically in the prescribed format. 6. Can Form No. 140 be edited after submission? Ans: No. Form No. 140 once submitted, cannot be edite....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d. However, in order to correct or update the details in an already submitted Form No. 140, the deductor is allowed to file a correction statement once the previously submitted statement has been processed by CPC-TDS. 7. What is the time limit for filing the correction statement? Ans: Within two years from the end of the tax year in which the statement was required to be delivered. For examp....
X X X X Extracts X X X X
X X X X Extracts X X X X
....le, the correction statement in respect of Form No. 140 for the Quarter 2 of Tax Year 2026-27 can be filed upto 31.03.2029. 8. How will deductor know whether the Form No. 140 filed by him has been accepted by the Income-tax Department? Ans: After filing Form No. 140 on the TRACES portal of Income-tax Department, the deductor receives an Acknowledgment Receipt Number (ARN) on successful submi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssion of the Form. 9. Why filing of Form No. 140 in a timely and accurate manner is important? Ans: Filing of Form No. 140 in a timely and accurate manner is important as: ⮚ It will ensure that accurate and complete tax credit is passed onto the deductees. Consequently, it will also eliminate scope for deductee related grievances. ⮚ The deductor would be able ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to avoid legal challenges associated with noncompliance including late filing fee u/s 427 and penal proceedings u/s 461 and 465(2)(g). =============<BR> News - Press release - PIB....