For the Tax Year 2026-27 (commencing 1st April 2026), the Indian Income Tax Department has introduced a unified reporting system that replaces the previous standalone forms.
- New Unified Form 141: Effective 1st April 2026, Form 141 replaces Form 26QB for reporting TDS on property purchases.
- This is a “challan-cum-statement” that covers multiple types of transactions, including property purchase, rent, and virtual digital assets.
- It features a new schedule-based structure, requiring deeper buyer-wise and seller-wise details compared to the previous model.
- New TDS Certificate Form 132: The TDS certificate issued to the seller, formerly Form 16B, is now Form 132 under the new rules.
- Reporting Timelines:
- Form 141 Filing: Must be filed within 30 days from the end of the month in which the tax deduction is made.
- Certificate Issuance: Form 132 must be issued within 15 days from the due date of filing Form 141.
- Key Reporting Features in Form 141:
- Multi-Party Simplified: Specifically designed to handle transactions with multiple buyers or sellers more efficiently.
- Granular Details: Requires separate reporting for stamp duty value versus actual sale consideration and detailed installment tracking.
- NRI Property Purchase: Starting 1st October 2026, resident buyers purchasing property from non-residents can use their PAN instead of a TAN for deduction and reporting, aligning with the process for resident sellers.
- Annual Information Statement (AIS): For this tax year, information will be reflected in Form No. 168 (the new version of the AIS for Tax Year 2026-27), while older credits remain in the standard AIS for AY 2026-27
For Tax Year 2026-27, filing Form 141 is an integrated process on the Income Tax e-Filing Portal. Unlike the old system, this form is schedule-based and requires separate reporting for different types of transactions
Step-by-Step Filing for Property Purchase (Schedule B)
- Access and Selection
- Log in to the e-Filing Portal using your PAN and password.
- Navigate to e-File > e-Pay Tax and click on + New Payment.
- Select the Form 141 tile (Challan-cum-statement under Section 393(1)).
- Choose Schedule B for “TDS on transfer of immovable property”.
- Part A: Deductor Details
- The system pre-fills your name, address, and PAN from your profile.
- Select Deductee Type: You must choose whether the seller is Corporate (Company) or Non-Corporate.
- Note: If you have both types of sellers for one property, you must file two separate Form 141s.
- Part B: Schedule-Specific Details
- Property Information: Enter the complete address, type of property (Land/Building), date of agreement, and registration date (if available).
- Value Details: Enter the Total Stamp Duty Value and Total Sale Consideration.
- Instalment Tracking: Select if the payment is Lumpsum or in Instalments (First, Subsequent, or Last). For subsequent payments, you must provide the Previous Acknowledgement Number.
- Deductee (Seller) Matrix
- Enter the PAN, name, contact details, and percentage share for each seller.
- The system now allows adding multiple sellers in a single form, provided they share the same “Deductee Type” (e.g., all are individuals).
- Part C: Transaction and Tax Computation
- Enter the specific amount paid in the current transaction.
- The system auto-calculates the 1% TDS based on the higher of the sale consideration or stamp duty value.
- Verify the Date of Deduction (the date payment was made or credited).
- Payment and Submission
- Preview the entire form and click Continue to proceed to the payment gateway.
- Pay via Net Banking, Debit Card, or RTGS/NEFT.
- Once paid, download the Challan Receipt and the Form 141 Acknowledgement.
Post-Filing Compliance
- Wait for Processing: It typically takes 3-5 days for the payment to reflect in the system.
- Form 132: Log in to the TRACES Portal to download Form 132 (the new TDS certificate for the seller).
- Deadline: You must issue Form 132 to the seller within 15 days of the Form 141 filing due date.
Step-by-Step Filing Process
- Access the Form
- Log in to the e-Filing portal using your PAN and password.
- Navigate to e-File > e-Pay Tax and select the New Payment option.
- Locate and click Proceed on the Form 141 (Section 393(1)) tile.
- Select Deductee Type & Schedule
- Deductee Type: Choose Corporate if the seller is a company or Non-Corporate for individuals.
- Schedule Selection: Choose Schedule B specifically for “TDS on transfer of immovable property”.
- Part A: Particulars of Deductor
- Review your details (Name, PAN, Address), which are pre-filled from your user profile.
- Part B: Transaction Details (Schedule B)
- Property Details: Enter the property type (Land/Building), full address, and date of agreement.
- Value Details: Enter the Total Stamp Duty Value and the Total Value of Consideration. Do not proportion these values even for multiple sellers; the system calculates shares later.
- Seller (Deductee) Info: Provide the PAN, name, and percentage share of ownership for each seller.
- New feature: You can add multiple sellers in a single Form 141 if they share the same status (e.g., all individuals).
- Tax Computation & Payment
- Enter the specific amount paid in this transaction and the Date of Deduction.
- The system auto-calculates the 1% TDS based on the higher of the sale consideration or stamp duty value.
- Choose a payment method (Net Banking, Debit Card, or RTGS/NEFT) and complete the transaction.
- Acknowledgement & Certificate
- After payment, download the ARN (Acknowledgement Receipt Number) for your records.
- Wait 3-5 days for processing, then log in to the TRACES Portal to download Form 132 (the new TDS certificate) to provide to the seller.
Key Rules for 2026-27
- Deadline: You must file and pay within 30 days from the end of the month in which tax was deducted.
- One Schedule per Form: Each filing only covers one type of transaction (e.g., you cannot report Rent and Property Purchase in the same form).
- Joint Buyers: If there are multiple buyers, each buyer must still file a separate Form 141 for their respective share
