Hi there! 
Most of us associate tax paperwork with the start of the year. Declarations, investments, saving up proofs. But the mid-year transactions are where people tend to get caught off guard. A property deal closes, crypto changes hands between two individuals, money moves abroad for a child’s education or an overseas investment, and suddenly there’s a TDS filing due, a threshold to track, or a form to fill that didn’t exist six months ago.
For property and crypto, the good news is that the paperwork just got simpler. The old system had a separate form for every transaction and every seller. This sounds manageable until you’re dealing with a joint purchase or multiple trades in a month. That’s finally changing under the new Income Tax Act.
For overseas remittances, the TCS rules that apply under LRS have also been revised, and knowing what gets collected upfront, and what you can claim back, makes a difference in how you plan the transfer.
We’ve handpicked threads on these topics in today’s edition.
TOP THREADS
How has TDS filing changed for property buyers under the new Income Tax Act?
If you’ve bought a property jointly, you already know the old drill: one Form 26QB per seller, one TDS payment per form, repeated for every person on the other side of the deal. The Income Tax Act, 2025 has replaced this with Form 141, which consolidates all sellers into a single filing with one…Continue Reading
Does TCS apply when you send money abroad under LRS?
The Liberalised Remittance Scheme lets resident individuals send up to USD $250,000 abroad per year, for education, travel, investments, property, or family needs. But most remittances under LRS attract Tax Collected at Source, collected upfront by your bank at the time of transfer. TCS isn’t an additional tax; it functions as an advance payment that you can adjust or claim back when you file your return. What changes from April 2026, though, is…Continue Reading
How has TDS filing changed for crypto traders under the new Income Tax Act?
If you’ve ever bought crypto directly from another person, you’ve had to deal with Form 26QE — one form per transaction, one TDS payment per seller, every single time. Buy from three people in a month, file three times. The Income Tax Act, 2025 replaces this with Form 141, which covers all your P2P trades for the month in a single filing and one consolidated payment. For anyone who trades actively, this is…Continue Reading
FAQs
If I bought a property before April 2026 but the payment was made after, which form do I use?
You need to file Form 141. The applicable form is determined by when the TDS is deducted, not when the agreement was signed. If the payment, and therefore the TDS, happens on or after 1 April 2026, Form 141 applies.
Does the 1% TDS rate on property change under Form 141?
No. The TDS rate of 1% and the ₹50 lakh threshold remain the same. Only the reporting format has changed. You now file a single Form 141 instead of a separate Form 26QB for each seller.
Do I still need to file a separate form for every crypto trade under Form 141?
No. Form 141 covers all your person-to-person VDA transactions for the month in a single filing. You list each seller in the structured table under Schedule D, and make one consolidated TDS payment, instead of a separate Form 26QE and payment for each trade.
RESULTS FROM LAST DIGEST
Maximum deduction allowed against employer’s contribution to NPS under the new regime is?
A) 10% of basic salary
B) 12% of basic salary
C) 14% of basic salary 
D) 18% of basic salary
Well done! 79% of people chose the right answer.