Income Tax News: The Income Tax Department of India has announced that form 143 would now replace form 27EQ. The revised form now comes with a series of changes to improve ease of compliance for everyone. The form 143 leverages standardized pre-filled formats, simpler language and tech-driven processes to facilitate compliance and reduce errors.
Filled by collectors to report tax collected at source (TCS), the form 143 is a statement filed by collectors every quarter to report TCS under different provisions of the IT Act 2025 on specific goods and transactions like parking lots, forest produce, tendu leaves, liquor, foreign tour packages and scrap.
Income Tax News-What Has Changed In Form 143?
The new form is simplified and easier to full, thanks to ease of filing via real-time validations and error handling, integration with Application Programming Interfaces (APIs), and databases. Moreover, it would be characterized by checkbox-based smart verification and dropdowns and date pickers to enhance user experience.
These changes would help stakeholders benefit from reduced errors, better process clarity and faster processing.
Form Components At A Glance
Part A of the form would capture collectors’ details and the individual who is entrusted with the responsibility of collecting TCS, including contact, tax year, and identification and filing particulars. Part B of the form would record details of taxes collected and paid to the Union Government, including book adjustment information or challans.
The form’s annexure that is applicable to all four quarters of the year would be used to capture collectee-wise TCS details like residential status, tax collected & deposited, reasons for lower collection (if any), PAN and number of certificate issued under section 395 (3) by the Assessing Officer for lower tax collection.
The new form would help in strengthening the journey of India toward a fully digitized, pre-filled tax regime where manual intervention and manipulation become increasingly challenging.
