Hi there! 
Over the last week, if you’ve opened Tax Q&A, you’ve probably noticed unfamiliar form numbers popping up. These are new forms replacing ones taxpayers have used for years.
For over sixty years, the Indian tax system grew like an old attic – every provision change introduced a new form, but rarely retired the old ones. So over time, we ended up with a maze of 399 different forms, leaving people to remember which form applied to whom.
That era is officially ending.
Under the new Income-tax Act, 2025, which starts this April, the government is clearing out the clutter by cutting those 399 forms down to just 190 through consolidation and renumbering. It’s meant to simplify our lives, but it also means we have some “unlearning” to do.
For instance, if you’re someone whose income falls below the taxable limit but still sees TDS deducted on bank interest, dividends, or rent, you’re used to filing Form 15G or 15H. You’ll now use a single, unified Form 121. Also, if you’ve purchased home, or pay rent on property, the TDS on these forms have also been changed.
We’ve handpicked threads on these topics in today’s edition.
TOP THREADS
What is Form 121 and who needs to file it?
If your income is below the taxable limit but TDS is still deducted on incomes such as bank interest, dividends or more, you need to file Form 121. It’s a self-declaration – by submitting it, you inform the payer that your income isn’t taxable, so TDS shouldn’t be deducted in the first place. This applies to income from…Continue Reading
How is Form 121 different from Form 15G and Form 15H?
Earlier, your age determined which form you filed – Form 15G if you were under 60, and Form 15H if you were a senior citizen. Now, in both cases, you’ll file Form 121. As a consolidated form, it brings several changes like simpler use of language, revised details of reporting…Continue Reading
What is Form 141 and what transactions does it cover?
Form 141 is used to report and pay TDS on specified payments made by individuals and HUFs. It works as both the TDS payment challan and the reporting statement for the transaction; meaning you don’t need to submit a separate quarterly TDS return. This is a single, consolidated form for multiple types of payments including property purchases, rent, and even…Continue Reading
How is Form 141 different from Form 26QB for TDS on property?
If you bought a property from three sellers, you had to file three separate forms and make three separate TDS payments. Form 141 replaces the old Form 26QB and fixes one of the biggest pain points for homebuyers. Instead of filing separate forms for every buyer and seller involved, you can now report the entire transaction in one form. However, there’s a new way to report the stamp duty by…Continue Reading
How is Form 141 different from Form 26QC for TDS on rent payments?
For tenants paying over ₹50,000 in monthly rent, the transition to Form 141 will allow you to report your rent and deduct TDS once a year or at the end of the tenancy. While the new rules require much more specific details about…Continue Reading
FAQs
When do these new forms officially take effect?
The new forms will be effective from April 1, 2026, and will apply for Tax Year 2026–27 onwards. Any TDS transactions covered under these rules after this date must be reported using the updated forms.
What if I have two landlords? Do I still file separate forms?
Not anymore. Form 141 allows you to list multiple landlords in a single filing. You just specify how much rent goes to each landlord in Schedule A, and make one consolidated TDS payment.
Does Form 141 apply to crypto or NFT trades too?
Yes! Form 141 also includes a dedicated Schedule D for reporting TDS on Virtual Digital Asset (VDA) transactions such as crypto and NFT transfers, where tax deduction applies.
RESULTS FROM LAST DIGEST
According to Budget 2026, what is the new deadline to file a revised return?
A) Jan 31st (20%)
B) April 30th (0%)
C) March 31st (73%) 
D) June 30th (7%)
73% of people chose the right answer. Well done!