Form 141: The New TDS Challan for Property Purchases and Rent

Deductions made up to 31 March 2026 still use the old forms, including corrections to previously filed 26QB/26QC statements. The cutover is by deduction date, not filing date.

• •Property: 1% TDS where consideration (or stamp duty value) is Rs 50 lakh or more, deducted at payment or credit, including on each instalment.
• •Rent: individuals and HUFs not under tax audit paying rent above Rs 50,000 per month deduct at the prescribed rate, typically once in the last month of the year or tenancy.
• •No TAN needed: Form 141 is PAN-based, like the forms it replaces.
• •Deposit window: 30 days from the end of the month in which TDS was deducted.
• •Certificate to the payee: the deductor downloads the TDS certificate from TRACES after the statement is processed, as with 16B/16C earlier (the certificate series is renumbered under the new Act).

• •Log in to the e-filing portal (incometax.gov.in) and open the e-Pay Tax / TDS on transactions section; Form 141 sits where 26QB/26QC used to.
• •Select the transaction category within the form (property, rent, contractual payment, VDA); the category drives which fields and payment code apply.
• •Fill both parties' PANs, property or tenancy details, total consideration, amount paid in the period, and TDS deducted. Verify the seller's or landlord's PAN character by character: a wrong PAN puts the credit in the wrong hands and is painful to fix.
• •Pay the TDS through net banking, UPI or the listed modes; the challan and statement are one combined submission.
• •Save the acknowledgement and challan; the payee needs it, and banks financing a property purchase ask for it at disbursement stages.
• •After processing (typically within a week), register on TRACES as a taxpayer-deductor and download the TDS certificate for the seller, landlord or payee.

• •Property instalment paid 12 August 2026 with 1% deducted: Form 141 due by 30 September 2026.
• •Rent TDS deducted in March 2027 for FY 2026-27 tenancy: Form 141 due by 30 April 2027.
• •Multiple buyers/sellers: each buyer-seller pair files its own Form 141 for its share, same as the 26QB practice.
• •Each instalment of a property purchase triggers its own deduction and its own filing window.

• •Late filing fee: Rs 200 per day until the statement is filed, capped at the TDS amount.
• •Interest for deducting late: 1% per month or part month, from the date TDS was deductible to the date deducted.
• •Interest for depositing late after deducting: 1.5% per month or part month, from deduction date to deposit date.
• •Penalty exposure for extended failure to file the statement, over and above the daily fee.
• •For property deals, the seller's TDS credit stays invisible until your Form 141 is processed, which surfaces as a dispute at registration or possession time.

Example: Rs 80,000 TDS on a Rs 80 lakh purchase, filed 90 days late, means Rs 18,000 in late fee plus interest; the fee alone often exceeds what a professional would have charged to do it on time many times over.

• •Instalments paid up to 31 March 2026: TDS on them was reported on 26QB under the old Act; that does not migrate.
• •Instalments paid from 1 April 2026: each is deducted under the new Act and reported on Form 141, even for the same property and same seller.
• •One property can therefore legitimately have both 26QB and Form 141 filings against it; keep both sets of acknowledgements for the registration file.
• •Corrections to old 26QB/26QC filings continue through the old correction mechanism on TRACES, not through Form 141.