In this guide
Property buyers in India need to understand an important TDS compliance change from 1 April 2026. The familiar Form 26QB, used for TDS on purchase of immovable property under the Income-tax Act, 1961, has been replaced for transactions governed by the new law by Form 141 under the Income-tax Act, 2025.
Form 141 is not simply Form 26QB with a new number. It is a unified PAN-based Challan-cum-TDS Statement covering four transaction categories that were earlier reported through Forms 26QB, 26QC, 26QD and 26QE. For purchase of immovable property, the relevant part is Schedule B of Form 141.
What Was Form 26QB?
Form 26QB was the Challan-cum-Statement used under the Income-tax Act, 1961 for reporting and depositing TDS on purchase of specified immovable property under Section 194-IA.
Broadly, where the applicable property transaction crossed the prescribed ₹50 lakh threshold, the buyer was required to deduct TDS at 1%, subject to the statutory conditions. Form 26QB was PAN-based, so an ordinary property buyer covered by this mechanism did not need to obtain a TAN merely for filing the form.
What Is New Form 141?
Under the Income-tax Act, 2025 and Income-tax Rules, 2026, four PAN-based TDS forms have been consolidated into Form No. 141.
| Old form | Transaction | Form 141 schedule |
|---|---|---|
| Form 26QC | TDS on specified rent paid by an Individual or HUF | Schedule A |
| Form 26QB | TDS on transfer of immovable property | Schedule B |
| Form 26QD | TDS on specified contractor or professional payments by an Individual or HUF | Schedule C |
| Form 26QE | TDS on transfer of Virtual Digital Assets | Schedule D |
Only one type of transaction can be selected in a Form 141 filing. A separate Form 141 is required for each transaction type.
Form 26QB vs Form 141: Key Differences
| Particular | Form 26QB | New Form 141 |
|---|---|---|
| Applicable law | Income-tax Act, 1961 | Income-tax Act, 2025 |
| Property provision | Section 194-IA | Section 393(1), Table Sl. No. 3(i) |
| Purpose | Property TDS only | Unified form for four specified PAN-based TDS categories |
| Property reporting | Form 26QB itself | Schedule B of Form 141 |
| Applicable period | Relevant credit or payment event up to 31 March 2026 | Relevant credit or payment event from 1 April 2026 |
| TAN required | No | No for this PAN-based mechanism |
| Due date | Generally 30 days from the end of the deduction month | Payment within 30 days and filing within one month from the end of the deduction month |
| Multiple deductors | Separate compliance by each buyer applied | Each deductor must file a separate Form 141 |
| Multiple deductees | Separate Form 26QB structure applied | One deductor may include multiple deductees of the same deductee category |
| Correction | Old-form correction framework continues for old-law transactions | Correction is available through the TDS TRACES portal, not through the e-Filing portal |
Which Form Applies Around 1 April 2026?
The governing law depends on when the earlier of the relevant credit or payment occurs:
- If the earlier event occurred on or before 31 March 2026, the old Income-tax Act, 1961 framework and the applicable old form continue to govern the transaction.
- If the earlier event occurred on or after 1 April 2026, the Income-tax Act, 2025 applies and property TDS is reported through Schedule B of Form 141.
The later date on which TDS is deposited does not change the law that already became applicable when the relevant credit or payment event occurred.
Has the 1% Property TDS Rate Changed?
No general rate increase has been introduced merely because Form 26QB was replaced by Form 141. The Income Tax Department explains that TDS rates and monetary thresholds were retained during the transition; the principal change is the new Act, section numbering and reporting structure.
The correct rate can nevertheless be affected by special circumstances, including higher-rate provisions or a certificate issued by the Assessing Officer. Buyers should also confirm that the seller is a resident. Form 141 is not available where the deductee is a non-resident.
Can Form 141 Be Used for an NRI Seller?
No. The official Form 141 guidance states that it can be filed only for resident deductees. Purchase of property from an NRI follows the separate non-resident TDS framework. Buyers should not use Schedule B of Form 141 merely because the transaction involves immovable property.
Multiple Buyers and Sellers Under Form 141
Each buyer acting as a deductor must file a separate Form 141. A single deductor may report multiple deductees in one Form 141 only when all deductees belong to the same deductee category. If company and non-company deductees are involved, separate Form 141 filings are required for each category.
A Form 141 filing can also cover only deductees having the same month of deduction. Different deduction months require separate filings.
Form 141 Due Date for Property TDS
The deducted amount must be paid to the Central Government within 30 days from the end of the month in which tax is deducted. Form 141 must be furnished within one month from the end of that month.
For example, if property TDS is deducted during September 2026, the buyer should complete the applicable payment and Form 141 compliance within the prescribed October deadline.
How to Access Form 141 Online
The official e-Filing path is:
PAN Login → e-File → e-Pay Tax → Select Income-tax Act, 2025 → New Payment → Form 141
For a complete filing walkthrough, read TaxClear’s guide: How to File Form 141 and Pay 1% Property TDS Online.
How Is a Form 141 Mistake Corrected?
Correction functionality is available, but the official guidance says it is not completed through the e-Filing portal. A Form 141 correction must be made through the TDS TRACES portal after registering as a taxpayer.
Old transactions governed by the Income-tax Act, 1961 continue to use the applicable old-form correction framework even where the correction is filed after 1 April 2026.
Important Checks Before Filing Schedule B
- Confirm that the seller is resident in India for this purpose.
- Verify the PAN of every buyer and seller.
- Check the date of payment or credit to identify the governing Act.
- Confirm the property value, stamp-duty value and applicable threshold treatment.
- Select Schedule B for immovable-property TDS.
- Use separate filings for different buyers, transaction types, deductee categories or deduction months where required.
- Retain the acknowledgement, challan and downloadable TDS certificate.
Frequently Asked Questions
Has Form 26QB been abolished for every pending property transaction?
No. Transactions for which the relevant credit or payment event occurred on or before 31 March 2026 remain governed by the old Act and old-form framework.
Which schedule of Form 141 applies to property purchase?
Schedule B applies to TDS on transfer of immovable property under Section 393(1), Table Sl. No. 3(i).
Does a buyer need TAN to file Form 141 for property TDS?
No. Form 141 is accessed through the buyer’s PAN login for this PAN-based compliance mechanism.
Can one buyer include multiple resident sellers?
Yes, one deductor may include multiple deductees where they belong to the same deductee category and the other filing conditions, including the same month of deduction, are satisfied.
Can Form 141 be corrected on the Income Tax e-Filing portal?
No. The official guidance directs taxpayers to complete Form 141 corrections through the TDS TRACES portal.
Professional Assistance
Incorrect PAN, property value, buyer or seller allocation, deduction month or payment details can delay TDS credit and the certificate. TaxClear can assist with property-TDS review and filing through its TDS Return Filing Services.
This article is a general compliance guide. The applicable treatment should be verified from the transaction documents and current portal instructions before filing.
