Income Tax Department introduces Form 143 for TCS replacing 27EQ
Heads up if you deal with taxes: the Income Tax Department is rolling out Form 143, which will take over from Form 27EQ for Tax Collected at Source (TCS) filings starting April 1, 2026.
The main goal? Make tax filing smoother and cut down on mistakes: no more wrestling with confusing forms.
Form 143 has auto-filled fields
Form 143 needs to be filed every quarter for things like sales of goods, liquor, or travel packages.
It's split into three easy parts: your details, tax info, and a section for transaction data.
With features like auto-filled fields and real-time error checks, it should save time and hassle.
You'll still use Form 27EQ one last time for the final quarter of fiscal year 2025-26, but after that, it's all about Form 143.
Filing deadlines aren't changing: just the process gets a bit friendlier.