India introduces unified Form 141 to simplify TDS reporting for property and digital asset transactions
The Income Tax Department has launched Form 141, a single return that replaces Forms 26QB, 26QC, 26QD and 26QE for various TDS obligations, including property sales and virtual asset transfers.
The Income Tax Department announced a new unified return, Form 141, which merges the earlier Forms 26QB, 26QC, 26QD and 26QE into a single filing platform. The form is divided into five schedules that address TDS on rent, immovable-property transfers, payments to contractors or professionals, virtual digital asset transfers, and purchases of property from non-resident sellers. Only one schedule can be selected per filing, so separate returns are required for different transaction types.
The deductor - the party responsible for withholding tax - differs according to the schedule, with buyers acting as deductors for property purchases and tenants for rent. Effective October 1, 2026, Schedule E enables reporting of transactions involving non-resident sellers, while the other schedules retain their existing applicability. The change aims to streamline compliance and provide a more user-friendly filing experience.
