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Guidance Note – Form 141
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....uidance Note – Form 141<BR>Income Tax<BR>Dated:- 2-4-2026<BR><BR>Form No. 141 (Earlier Form Nos. 26QB/QC/QD/QE) Form No. 141: Challan-cum-Statement of deduction of tax under section 393(1) [Table: Sl. Nos. 2(i), 3(i), 6(ii) & 8(vi)] [erstwhile PAN based challan-cum-statement in Form nos. 26QB, 26QC, 26QD & 26QE, now combined together into a single form]: Name of form as per Income Tax Rules, 1962 26QB. 26QC, 26QD & 26QE Name of form as per Income Tax Rules, 2026 141 Corresponding Section of Income Tax Act, 1961 194-IA, 194-IB, 194M & 194S Corresponding section of Income Tax Act, 2025 393(1) [Table: Sl. Nos. 2(i), 3(i), 6(ii) & 8(vi)] Corresponding Rule of Income Tax Rules, 1962 30 & 31A Corresponding....
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.... Rule of Income Tax Rules, 2026 218 & 219 Purpose: Form No. 141 is a PAN based challan-cum-statement for reporting and depositing TDS deducted under the following sections: Sl. No. Schedule Applicable Section Nature of Transaction 1. A 393(1) [Table Sl. No. 2(i)] TDS on payment of rent > Rs.50,000 per month 2. B 393(1) [Table Sl. No. 3(i)] TDS on transfer of immovable property (Rs.50 lakh or more) 3. C 393(1) [Table Sl. No. 6(ii)] TDS on professional / contract / commission / brokerage payments > Rs.50 lakh (by individuals/HUFs not liable to audit) 4. D 393(1) [Table Sl. No. 8(vi)] TDS on transfer of Virtual Digital Assets (cryptos/NFTs) Challan-cum-Statement of TDS is ....
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....governed by Rules 218 & 219 of the Income-tax Rules, 2026. Who should file: Depending on the nature of transaction, the following schedules of the form 141 needs to be filled up by the respective deductors: • Schedule A - Any person being an individual or a HUF responsible for paying to a resident transferor any income by way of rent exceeding Rs. 50,000 for a month or part of the month during previous year is required to deduct income-tax at the rate prescribed in section 393(1) [Table Sl. No. 2(i)]. Such person is required to file Schedule A of the Form No. 141 as a statement of deduction of tax. • Schedule B - Any person being a transferee responsible for paying to a resident transferor any sum by way of c....
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....onsideration for transfer of any immovable property (other than agricultural land) is required to deduct income-tax at the rate prescribed in section 393(1) [Table Sl. No. 3(i)], at the time of credit of such sum to the account of transferor or at the time of payment of such sum. Such person is required to file Schedule B of the Form No. 141 as a statement of deduction of tax. • Schedule C - Any person (being an individual or HUF, not required to deduct TDS under any other provision of the Income-tax Act) responsible for paying to a resident any sum for: ⮚ Carrying out any work (including supply of labour) under a contract, or ⮚ Commission (other than insurance commission referred in section 194D....
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....), or ⮚ Brokerage, or ⮚ Fees for professional services, where the aggregate of such sum paid or credited during a financial year exceeds Rs.50 lakh, is required to deduct tax at source u/s 393(1) [Table Sl. No. 6(ii)] at the prescribed rate. Such person is required to file Schedule C of the Form No. 141 as a statement of deduction of tax. • Schedule D - Any person responsible for paying consideration to a resident transferor for the transfer of a Virtual Digital Asset (VDA) is required to deduct tax at source at the rate prescribed in section 393(1) [Table Sl. No. 8(vi)]. ⮚ Specified persons (individuals/HUFs with turnover below Rs.1 crore for business or Rs.50 lakh for p....
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....rofession in the preceding FY, or not having income from business/profession) are also covered. ⮚ Applicable where the value of consideration for VDA transfer exceeds the monetary threshold prescribed under section 393(1) [Table Sl. No. 8(vi)]. Such person is required to file Schedule D of the Form No. 141 as a statement of deduction of tax. Frequency & Due Dates: Every person responsible for deduction of tax under section 393(1) [Table: Sl. Nos. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act, 2025 shall furnish to the Director General of Income-tax (Systems) or the person authorised by the Director General of Income-tax (Systems) a challancum-statement in Form No. 141 electronically within 30 days from the ....
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....end of the month in which the deduction is made. Structure of Form No. 141: 1. Part A: Particulars of the deductor - Name, Address, PAN, Contact Details and Nature of Transaction (i.e. Payment of Rent, Transfer of immovable Property, Payment by way of commission/brokerage or fee for professional services or payment in pursuance of a contract and Transfer of Virtual Digital Asset) 2. Part B: Transaction Details: Schedule A: TDS on rent paid by Individual/HUF Schedule B: TDS on transfer of immovable property Schedule C: TDS on payment made by Individual/HUF to contractor/ professional. Schedule D: TDS on payment made by Individual/HUF on transfer of Virtual Digital Assets 3. Su....
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....mmary of Transaction & Details of Tax, Interest & Fee 4. Declaration Documents/details required to file the Form No. 141: • PAN details of deductors and deductees • Address, mobile number, and email ID of both parties • Transaction-specific details (Details of payment made/credited): • Rent amount/date (Schedule A) • Property value/date (Schedule B) • Nature of service & amount (Schedule C) • Type of VDA, Date of transfer, Consideration value, Mode of transfer/payment (Schedule D) Filing Count: On average, the below mentioned number of Original Forms have been filed annually over the last five years. Sl. No. Form Filing Coun....
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....t 1. 26QB 16-17 lakhs 2. 26QC 80-85 thousand 3. 26QD 6 thousand 4. 26QE 4-5 thousand Process flow of filing Form No. 141: 1. Login to the Income-tax e-Filing Portal using PAN 2. Go to 'e-Pay Tax' 3. Select the relevant Schedule of the Form 4. Fill Details • Details of Deductor & Deductee: PAN, Addresses, Contact No., Email ID. • Transaction details (Rent/Immovable Property/Service/VDA) • TDS Rate, Date of Deduction, Tax Amount 5. Payment & Submission • Make online TDS payment • Submit the Form • Download the challan-cum-statement Outcome of Processed Form No. 141: For D....
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....eductor (Buyer/Tenant/Payer) • Form may be processed with or without defaults • In case the statement is processed with defaults (such as short payment, late payment interest, or late filing fee), the deductor is required to make payment of the default amount and, if necessary, file a correction statement through TRACES. • Upon successful processing, the deductor can download TDS certificate in Form No. 132 from TRACES and issue it to the deductee(s) • Certificate must be issued within 15 days from due date of filing the Form No. 141. For Deductee (Landlord /Seller/Service Provider/VDA Transferor) • Once Form No. 141 gets processed, the TDS amount reflects in the dedu....
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....ctee's Form No. 168 (AIS). • Deductee uses this credit while filing Income-tax Return. Brief note on qualitative changes made: Sl. No. Schedule Qualitative changes 1. A Details of all landlords and tenants involved must be reported, along with their respective share percentages in the rent or Rental Proceeds. Further, each tenant is not required to file a separate Form for every landlord. Instead: ⮚ If there are multiple resident landlords who share the same status (i.e., all are either companies or all are non-companies), the tenant (deductor) needs to file only one Form that collectively includes all such parties for that particular property. ⮚ However, if the landlords ....
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....have different statuses - for example, where some are companies and others are non-companies - the tenant must file separate Forms: ✓ one Form for the company payees, and ✓ another Form for the non-company payees. 2. B Details of all buyers and sellers involved must be reported, along with their respective share percentages in the property. Further, each buyer is not required to file a separate Form for every seller. Instead: ⮚ If there are multiple resident sellers who share the same status (i.e., all are either companies or all are non-companies), the buyer (deductor) needs to file only one Form that collectively includes all such parties for that particular property transaction.....
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.... ⮚ However, if the sellers have different statuses - for example, where some are companies and others are non-companies - the buyer must file separate Forms: ✓ one Form for the company deductees, and ✓ another Form for the non-company deductees. 3. C Current Process: Currently, if a deductor makes multiple payments during a particular month to different deductees - whether for contract work, professional services, or commission/brokerage - the deductor must file a separate Form 26QD for each deductee for that month. Changes made: Under the revised version, for a particular month and for a specific nature of payment (i.e., contract, professional services, or commission/brokera....
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....ge), if there are multiple deductees having the same status (i.e., all are either companies or all are non-companies), the deductor will be required to file only one Form covering all such deductees collectively. However, if the deductees have different statuses (some being companies and others non-companies), the deductor will be required to file separate Forms for each nature of payment made during that month. ✓ one Form for the company deductees, and ✓ another Form for the non-company deductees 4. D Under the revised version, if there are multiple sellers or transferors of VDAs having the same status (i.e., all are either companies or all are non-companies), the deductor will be required to fil....
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....e only one Form covering all such deductees collectively for that particular transaction or settlement period. However, if the sellers/transferors have different statuses (some being companies and others non-companies), the deductor will be required to file separate Forms: ✓ one Form for the company deductees, and ✓ another Form for the non-company deductees The revised combined form will be a smart one with • Prefilled details • Smart validations • Consolidated filings for same-status parties • Clear explanatory notes and instructions to guide users in filing the form accurately • Easy correction mechanisms • Uniformity acros....
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....s forms • Check box based smart verification • Standardization of name & address fields etc. Common Changes made across Forms: • To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address and PAN have been separated into different boxes. • Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure. • Changes in Sections, Clauses and Schedules have been aligned as per the Income-tax Act, 2025. • Currency symbol "Rs." has been replaced with "Rs.". =============<BR> News - Press release - PIB....