Quick Summary
In a major step toward strengthening tax compliance and reporting transparency, the tax authorities have introduced Form No. 140 and Form No. 144, prescribing a structured framework for quarterly TDS statements under section 397(3)(b). While Form 140 applies to payments (other than salary) made to
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FAQ :
The new forms introduced are Form No. 140 for quarterly TDS statements on payments (other than salary) made to residents, and Form No. 144 for payments made to non-residents.
Form 140 must be filed quarterly by both Government and Non-Government deductors for payments other than salary made to resident deductees for the quarters ending June, September, December, and March.
Form 140 covers a wide range of payments including commission, rent, professional services, dividends, interest, e-commerce transactions, virtual digital asset transfers, lottery winnings, and payments to transporters and contractors.
Form 144 mirrors Form 140 structurally but specifically applies to payments made to non-residents, requiring additional disclosures such as Tax Identification Number (TIN) from the country of residence, nature of remittance, and details on DTAA application.
The new forms mandate granular transaction-level reporting, require exact challan validation with TRACES, enhance cross-border transparency, cover emerging transactions like VDAs, and increase accountability on deductors for accurate classification and filing.
Yes, both Form 140 and Form 144 reflect an adaptation to evolving digital ecosystems, with Form 140 explicitly covering Virtual Digital Asset (VDA) transfers and Form 144 enhancing reporting for cross-border transactions.
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