New Delhi, Oct. 23 -- The Income Tax Department has introduced Form 141, a unified challan-cum-statement for reporting tax deducted at source (TDS) on specified transactions under the Income Tax Act, 2025. The new form replaces four earlier forms - Forms 26QB, 26QC, 26QD and 26QE - that were used under the Income Tax Act, 1961.

Form 141 is intended to streamline TDS reporting and payment for transactions involving immovable property, rent, payments to contractors or professionals, and transfers of virtual digital assets (VDAs).

However, a single Form 141 cannot be used to report all types of transactions. Taxpayers must file a separate form for each transaction category and select the relevant schedule.

Form 141 is a consolidated chall...