New Delhi, Oct. 18 -- The Income Tax Department has introduced 'Form 141' in order to simplify the process of tax deducted at source (TDS) compliance for certain property transactions, rent payments and other specified payments. The unified form eliminates and replaces four separate forms, bringing multiple TDS reporting requirements under one filing mechanism.

The primary objective of these significant changes by the tax authorities is to simplify the tax submission process and ensure clarity and timely income tax compliance by taxpayers.

As explained by the tax department, the move aims to make TDS reporting and payment easier through a streamlined, easy-to-understand, and user-friendly filing process. It is particularly relevant for ...