{"id":1601,"date":"2026-04-13T12:59:52","date_gmt":"2026-04-13T07:29:52","guid":{"rendered":"https:\/\/indianews18.in\/?p=1601"},"modified":"2026-04-13T13:00:01","modified_gmt":"2026-04-13T07:30:01","slug":"tds-on-purchase-of-property-new-reporting-system-for-tax-year-2026-2027","status":"publish","type":"post","link":"https:\/\/indianews18.in\/?p=1601","title":{"rendered":"TDS on purchase of property new reporting system for tax year 2026 2027"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026-1024x1024.webp\" alt=\"\" class=\"wp-image-1602\" srcset=\"https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026-1024x1024.webp 1024w, https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026-300x300.webp 300w, https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026-150x150.webp 150w, https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026-768x768.webp 768w, https:\/\/indianews18.in\/wp-content\/uploads\/2026\/04\/six-key-changes-relating-to-tcs-and-tds-for-tax-year-2026-27-applicable-from-april-2026.webp 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>For the&nbsp;<strong>Tax Year 2026-27<\/strong>&nbsp;(commencing 1st April 2026), the Indian Income Tax Department has introduced a unified reporting system that replaces the previous standalone forms.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>New Unified Form 141<\/strong>: Effective 1st April 2026,\u00a0<strong>Form 141<\/strong>\u00a0replaces Form 26QB for reporting TDS on property purchases.\n<ul class=\"wp-block-list\">\n<li>This is a &#8220;challan-cum-statement&#8221; that covers multiple types of transactions, including property purchase, rent, and virtual digital assets.<\/li>\n\n\n\n<li>It features a new\u00a0<strong>schedule-based structure<\/strong>, requiring deeper buyer-wise and seller-wise details compared to the previous model.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>New TDS Certificate Form 132<\/strong>: The TDS certificate issued to the seller, formerly Form 16B, is now\u00a0<strong>Form 132<\/strong>\u00a0under the new rules.<\/li>\n\n\n\n<li><strong>Reporting Timelines<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Form 141 Filing<\/strong>: Must be filed within\u00a0<strong>30 days<\/strong>\u00a0from the end of the month in which the tax deduction is made.<\/li>\n\n\n\n<li><strong>Certificate Issuance<\/strong>: Form 132 must be issued within\u00a0<strong>15 days<\/strong>\u00a0from the due date of filing Form 141.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Key Reporting Features in Form 141<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Multi-Party Simplified<\/strong>: Specifically designed to handle transactions with multiple buyers or sellers more efficiently.<\/li>\n\n\n\n<li><strong>Granular Details<\/strong>: Requires separate reporting for\u00a0<strong>stamp duty value<\/strong>\u00a0versus actual sale consideration and detailed\u00a0<strong>installment tracking<\/strong>.<\/li>\n\n\n\n<li><strong>NRI Property Purchase<\/strong>: Starting 1st October 2026, resident buyers purchasing property from non-residents can use their\u00a0<strong>PAN instead of a TAN<\/strong>\u00a0for deduction and reporting, aligning with the process for resident sellers.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Annual Information Statement (AIS)<\/strong>: For this tax year, information will be reflected in\u00a0<strong>Form No. 168<\/strong>\u00a0(the new version of the AIS for Tax Year 2026-27), while older credits remain in the standard AIS for AY 2026-27<\/li>\n<\/ul>\n\n\n\n<p><strong>For\u00a0Tax Year 2026-27, filing\u00a0Form 141\u00a0is an integrated process on the\u00a0Income Tax e-Filing Portal. Unlike the old system, this form is\u00a0schedule-based\u00a0and requires separate reporting for different types of transactions<\/strong><\/p>\n\n\n\n<p><strong>Step-by-Step Filing for Property Purchase (Schedule B)<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Access and Selection<\/strong>\n<ul class=\"wp-block-list\">\n<li>Log in to the\u00a0e-Filing Portal\u00a0using your\u00a0<strong>PAN<\/strong>\u00a0and password.<\/li>\n\n\n\n<li>Navigate to\u00a0<strong>e-File<\/strong>\u00a0>\u00a0<strong>e-Pay Tax<\/strong>\u00a0and click on\u00a0<strong>+ New Payment<\/strong>.<\/li>\n\n\n\n<li>Select the\u00a0<strong>Form 141<\/strong>\u00a0tile (Challan-cum-statement under Section 393(1)).<\/li>\n\n\n\n<li>Choose\u00a0<strong>Schedule B<\/strong>\u00a0for &#8220;TDS on transfer of immovable property&#8221;.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Part A: Deductor Details<\/strong>\n<ul class=\"wp-block-list\">\n<li>The system pre-fills your name, address, and PAN from your profile.<\/li>\n\n\n\n<li><strong>Select Deductee Type<\/strong>: You must choose whether the seller is\u00a0<strong>Corporate<\/strong>\u00a0(Company) or\u00a0<strong>Non-Corporate<\/strong>.<\/li>\n\n\n\n<li><em>Note: If you have both types of sellers for one property, you must file two separate Form 141s.<\/em><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Part B: Schedule-Specific Details<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Property Information<\/strong>: Enter the complete address, type of property (Land\/Building), date of agreement, and registration date (if available).<\/li>\n\n\n\n<li><strong>Value Details<\/strong>: Enter the\u00a0<strong>Total Stamp Duty Value<\/strong>\u00a0and\u00a0<strong>Total Sale Consideration<\/strong>.<\/li>\n\n\n\n<li><strong>Instalment Tracking<\/strong>: Select if the payment is\u00a0<strong>Lumpsum<\/strong>\u00a0or in\u00a0<strong>Instalments<\/strong>\u00a0(First, Subsequent, or Last). For subsequent payments, you must provide the\u00a0<strong>Previous Acknowledgement Number<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Deductee (Seller) Matrix<\/strong>\n<ul class=\"wp-block-list\">\n<li>Enter the\u00a0<strong>PAN<\/strong>, name, contact details, and\u00a0<strong>percentage share<\/strong>\u00a0for each seller.<\/li>\n\n\n\n<li>The system now allows adding multiple sellers in a single form, provided they share the same &#8220;Deductee Type&#8221; (e.g., all are individuals).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Part C: Transaction and Tax Computation<\/strong>\n<ul class=\"wp-block-list\">\n<li>Enter the specific amount paid in the current transaction.<\/li>\n\n\n\n<li>The system auto-calculates the\u00a0<strong>1% TDS<\/strong>\u00a0based on the higher of the sale consideration or stamp duty value.<\/li>\n\n\n\n<li>Verify the\u00a0<strong>Date of Deduction<\/strong>\u00a0(the date payment was made or credited).<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Payment and Submission<\/strong>\n<ul class=\"wp-block-list\">\n<li>Preview the entire form and click\u00a0<strong>Continue<\/strong>\u00a0to proceed to the payment gateway.<\/li>\n\n\n\n<li>Pay via Net Banking, Debit Card, or RTGS\/NEFT.<\/li>\n\n\n\n<li>Once paid, download the\u00a0<strong>Challan Receipt<\/strong>\u00a0and the\u00a0<strong>Form 141 Acknowledgement<\/strong>.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p><strong>Post-Filing Compliance<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Wait for Processing<\/strong>: It typically takes 3-5 days for the payment to reflect in the system.<\/li>\n\n\n\n<li><strong>Form 132<\/strong>: Log in to the\u00a0TRACES Portal\u00a0to download\u00a0<strong>Form 132<\/strong>\u00a0(the new TDS certificate for the seller).<\/li>\n\n\n\n<li><strong>Deadline<\/strong>: You must issue Form 132 to the seller within\u00a0<strong>15 days<\/strong>\u00a0of the Form 141 filing due date.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><strong>Step-by-Step Filing Process<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Access the Form<\/strong>\n<ul class=\"wp-block-list\">\n<li>Log in to the\u00a0e-Filing portal\u00a0using your\u00a0<strong>PAN<\/strong>\u00a0and password.<\/li>\n\n\n\n<li>Navigate to\u00a0<strong>e-File<\/strong>\u00a0>\u00a0<strong>e-Pay Tax<\/strong>\u00a0and select the\u00a0<strong>New Payment<\/strong>\u00a0option.<\/li>\n\n\n\n<li>Locate and click\u00a0<strong>Proceed<\/strong>\u00a0on the\u00a0<strong>Form 141<\/strong>\u00a0(Section 393(1)) tile.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Select Deductee Type &amp; Schedule<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Deductee Type<\/strong>: Choose\u00a0<strong>Corporate<\/strong>\u00a0if the seller is a company or\u00a0<strong>Non-Corporate<\/strong>\u00a0for individuals.<\/li>\n\n\n\n<li><strong>Schedule Selection<\/strong>: Choose\u00a0<strong>Schedule B<\/strong>\u00a0specifically for &#8220;TDS on transfer of immovable property&#8221;.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Part A: Particulars of Deductor<\/strong>\n<ul class=\"wp-block-list\">\n<li>Review your details (Name, PAN, Address), which are\u00a0<strong>pre-filled<\/strong>\u00a0from your user profile.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Part B: Transaction Details (Schedule B)<\/strong>\n<ul class=\"wp-block-list\">\n<li><strong>Property Details<\/strong>: Enter the property type (Land\/Building), full address, and date of agreement.<\/li>\n\n\n\n<li><strong>Value Details<\/strong>: Enter the\u00a0<strong>Total Stamp Duty Value<\/strong>\u00a0and the\u00a0<strong>Total Value of Consideration<\/strong>. Do not proportion these values even for multiple sellers; the system calculates shares later.<\/li>\n\n\n\n<li><strong>Seller (Deductee) Info<\/strong>: Provide the PAN, name, and\u00a0<strong>percentage share<\/strong>\u00a0of ownership for each seller.\n<ul class=\"wp-block-list\">\n<li><em>New feature<\/em>: You can add\u00a0<strong>multiple sellers<\/strong>\u00a0in a single Form 141 if they share the same status (e.g., all individuals).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Tax Computation &amp; Payment<\/strong>\n<ul class=\"wp-block-list\">\n<li>Enter the specific amount paid in this transaction and the\u00a0<strong>Date of Deduction<\/strong>.<\/li>\n\n\n\n<li>The system auto-calculates the\u00a0<strong>1% TDS<\/strong>\u00a0based on the higher of the sale consideration or stamp duty value.<\/li>\n\n\n\n<li>Choose a payment method (Net Banking, Debit Card, or RTGS\/NEFT) and complete the transaction.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Acknowledgement &amp; Certificate<\/strong>\n<ul class=\"wp-block-list\">\n<li>After payment, download the\u00a0<strong>ARN (Acknowledgement Receipt Number)<\/strong>\u00a0for your records.<\/li>\n\n\n\n<li>Wait 3-5 days for processing, then log in to the\u00a0TRACES Portal\u00a0to download\u00a0<strong>Form 132<\/strong>\u00a0(the new TDS certificate) to provide to the seller.\u00a0<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p><strong>Key Rules for 2026-27<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deadline<\/strong>: You must file and pay within\u00a0<strong>30 days<\/strong>\u00a0from the end of the month in which tax was deducted.<\/li>\n\n\n\n<li><strong>One Schedule per Form<\/strong>: Each filing only covers one type of transaction (e.g., you cannot report Rent and Property Purchase in the same form).<\/li>\n\n\n\n<li><strong>Joint Buyers<\/strong>: If there are multiple buyers,\u00a0<strong>each buyer<\/strong>\u00a0must still file a separate Form 141 for their respective share<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the&nbsp;Tax Year 2026-27&nbsp;(commencing 1st April 2026), the Indian Income Tax Department has introduced a unified reporting system that replaces the previous standalone forms.&nbsp; For\u00a0Tax Year 2026-27, filing\u00a0Form 141\u00a0is an integrated process on the\u00a0Income Tax e-Filing Portal. Unlike the old system, this form is\u00a0schedule-based\u00a0and requires separate reporting for different types of transactions Step-by-Step Filing for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[133,3],"tags":[204],"class_list":["post-1601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","category-brings-the-latest-news-on-politics-and-current-affairs-in-india-around-the-worldsportshealth-fitness-entertainme","tag-tds-tcs-changes-guide-april-2026"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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