New Delhi, April 14 (IANS) The Income Tax Department has introduced Form 141, a consolidated challan‑cum‑statement that replaces four separate TDS forms for different types of transactions.
The new form merges Form 26QB, Form 26QC, Form 26QD and Form 26QE, which were earlier used for filing TDS on property purchases, TDS on rent, TDS on payments to contractors or professionals and TDS on transfer of virtual digital assets respectively.
Under the revised rules, Form 141 must be used to report and deposit TDS for rent payments above Rs 50,000 per month and property purchases worth Rs 50 lakh or more.
Further, the form must be used to report professional, commission or contract labour payments above Rs 50 lakh in a fiscal year by individuals or Hindu Undivided Families not subject to tax audit.
Subject to certain levels, payments made for virtual digital assets (VDAs), such as cryptocurrencies or NFTs are also covered under the form in Schedule D.
Taxpayers filing the form will need PAN details of deductors and deductees, address, mobile number, and email ID of both parties.
Details of transactions based on the nature of services and the mode of payment or transfer are also required. Form 141 can be filed through the e‑filing portal using PAN under the e‑Pay Tax section and selecting relevant schedules. Then fill necessary details, make online payment, submit the form and download the challan‑cum‑statement.
Analysts said the Form 141 introduced a notable change — the number of buyers will decide the number of forms required to be filed, and not the number of sellers, as multiple sellers can now be reported together in a single form.
The form also introduced the words ‘if available’, now allowing registration details to be skipped easing the filing process where payments precede formal registration.
—IANS
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