Income Tax Department folds four TDS forms into a single Form 141, with new Schedule E from October 1, 2026
According to Business Standard, the Income Tax Department has merged four tax deducted at source (TDS, tax the payer withholds and deposits on the recipient's behalf) reporting forms, 26QB, 26QC, 26QD and 26QE, into one Form 141. The form covers individuals and Hindu Undivided Families (HUFs, a family unit treated as a separate taxpayer) dealing with property purchases, rent, payments to contractors and professionals, and virtual digital asset transfers such as cryptocurrencies. It combines tax payment and reporting in one process and is part of the move to the Income-tax Act, 2025. From October 1, 2026, a new Schedule E also lets resident individuals and HUFs buying property from non-resident sellers report TDS without obtaining a TAN (Tax Deduction and Collection Account Number). For banks, this touches a large share of retail customers, particularly home-loan borrowers.
What this means
Form 141 has five schedules: A for rent, B for property bought from resident sellers, C for contractor and professional payments, D for virtual digital assets, and E for property bought from non-residents. One form cannot mix categories, so a tenant who also buys a flat files twice, and multiple deductees in one form must share the same deductee category and month of deduction. The biggest practical relief goes to resident home buyers purchasing from non-resident sellers, who per the report no longer need a TAN for that transaction once Schedule E applies. The form is filed on the e-filing portal using PAN credentials, within one month from the end of the month in which TDS is deducted. Simpler paperwork does not shrink the obligation itself, so customers who pick the wrong schedule or miss the deadline are still on the hook, and companies must keep using their TAN-based forms.
Most affected: Retail home-loan and property-purchase customers
Key takeaway: Brief home-loan and branch teams on Form 141's schedules, especially Schedule E for purchases from non-resident sellers from October 1, 2026, so borrowers file TDS under the right schedule and on time.
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