New Delhi, Sept. 22 -- Taxpayers making certain payments that attract tax deducted at source (TDS) have a new consolidated reporting form under the Income Tax Act, 2025. Form 141, a challan-cum-statement, consolidates reporting requirements that were previously handled by separate forms.

The person making a payment and responsible for deducting TDS is the deductor. The person receiving that payment is the deductee.

The deductor is the one who has to deduct the tax, deposit it with the government, and file Form 141.

Form 141 is a unified challan-cum-statement for reporting TDS on specified transactions. It replaces the earlier Forms 26QB, 26QC, 26QD and 26QE used under the Income-tax Act, 1961.

The form is relevant only when the paymen...