Income Tax Dept consolidates four TDS forms into single Form 141

Income Tax Dept consolidates four TDS forms into single Form 141

The Income Tax Department has consolidated four tax deducted at source (TDS) reporting forms into a single Form 141, effective from 1 April 2026. The new form covers TDS on rent, property purchases, payments to contractors and professionals, and virtual digital asset transfers, with separate schedules for each transaction type. The move is designed to simplify compliance for individuals and Hindu Undivided Families (HUFs) involved in these specified transactions. Taxpayers will need to familiarise themselves with the new filing process and key compliance changes. The consolidation is part of the department's broader effort to streamline tax reporting and reduce the administrative burden on taxpayers.