Form 141 replaces four TDS forms: What taxpayers need to know

Taxpayers reporting tax deducted at source on specified transactions now have a consolidated filing format: Form 141 replaces Forms 26QB, 26QC, 26QD and 26QE. The Economic Times reported the change, citing the Income Tax Department’s website and an announcement on X.

Introduced under the Income-tax Act, 2025, the form brings several reporting requirements into one format. Its coverage includes specified property transactions, rent paid by individuals or Hindu undivided families (HUFs), their payments to contractors or professionals, and payments for virtual digital asset transfers.

The important qualification is that a unified format does not mean a combined return for every category. Taxpayers can select only one type of transaction per Form 141 and must submit a separate form for each transaction type.

Which schedule should taxpayers use?

Schedule A covers TDS on rent paid by an individual or HUF. The tenant or other payer responsible for the rent is the deductor—the person responsible for withholding the tax and depositing it with the government.

Schedule B covers TDS on transfers of immovable property, with the purchaser acting as the deductor. Transactions involving a non-resident seller that meet the specific conditions for Schedule E belong in that schedule instead.

Schedule C covers payments by individuals or HUFs to contractors or professionals. Schedule D covers their payments for transfers of virtual digital assets. In both cases, the payer who is liable to deduct tax is the deductor.

Schedule E is specifically for an immovable property purchase by a resident individual or HUF from a non-resident seller, where the purchaser must deduct tax under Section 393(2) of the Income-tax Act, 2025.

Non-resident sellers: What changed from October 1?

From October 1, 2026, Form 141 can also be used to report qualifying transactions involving non-resident property sellers through Schedule E. The purchaser reports the non-resident seller’s details in that schedule.

The distinction between the buyer’s and seller’s residential status matters. For Schedules A, B, C and D, the deductor may be resident or non-resident, as applicable. Schedule E, however, requires the deductor to be a resident individual or HUF.

The department’s guidance retains the existing applicability provisions for Schedules A to D. Schedule E is therefore not a general alternative for those transactions: its use is tied to the specified property purchase from a non-resident seller.