FORM NO. 132 TDS CERTIFICATE FOR JULY 2026 – DUE DATE 14 SEPTEMBER 2026

The Income-tax Act, 2025 and Income-tax Rules, 2026 have introduced a new consolidated TDS certificate in Form No. 132. For specified transactions on which TDS was deducted during July 2026, the certificate must be issued by 14 September 2026.

What is Form No. 132?

Form No. 132 is the TDS certificate prescribed under section 395(4) of the Income-tax Act, 2025 and Rule 215 of the Income-tax Rules, 2026.

It replaces and consolidates the earlier Forms 16B, 16C, 16D and 16E under the Income-tax Rules, 1962. The CBDT's official FAQ confirms that Form No. 132 is applicable to specified TDS transactions and is mandatory once the TDS has been deducted and deposited.

Transactions Covered

Form No. 132 applies to TDS deducted under section 393(1) in respect of the following transactions:

• Payment of rent – Table Sl. No. 2(i)

• Transfer of immovable property – Table Sl. No. 3(i)

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• Payment by way of commission/brokerage, fee for technical services or payments pursuant to a contract – Table Sl. No. 6(ii)

• Transfer of Virtual Digital Assets (VDA) – Table Sl. No. 8(vi)

These categories are specifically identified by the Income Tax Department in its Form No. 132 FAQ.

Due Date for July 2026 Transactions

For deductions made during July 2026, the relevant challan-cum-statement is required to be furnished in Form No. 141 within 30 days from the end of the month in which the deduction is made.

Accordingly:

• Month of TDS deduction: July 2026

• Form No. 141 due date: 30 August 2026

• Form No. 132 issue deadline: 14 September 2026

The Income Tax Department's tax calendar specifically lists 14 September 2026 as the due date for issuing Form No. 132 for TDS deducted under the specified provisions during July 2026.

Important Compliance Requirements

Taxpayers and deductors should note the following:

1. Form No. 132 is mandatory
   Once the applicable TDS has been deducted and deposited, the deductor is required to issue Form No. 132 to the deductee.

2. Form No. 141 must be processed first
   Form No. 132 cannot be generated independently. The challan-cum-statement in Form No. 141 must first be furnished and processed.

3. Download from TRACES
   The certificate must be generated and downloaded from the TRACES website. The CBDT FAQ states that an independently prepared offline certificate is not a valid Form No. 132.

4. Provide the certificate to the deductee
   Form No. 132 serves as evidence of TDS deducted and deposited on behalf of the deductee and enables the deductee to claim the corresponding TDS credit while filing the income-tax return.

5. Corrections are possible
   Where an error is identified, the deductor should first file the required correction in Form No. 141. After successful processing, a revised Form No. 132 can be generated.

Practical Checklist for Businesses

Businesses making payments covered by section 393(1) should:

• Identify all applicable TDS transactions undertaken during July 2026.

• Reconcile the TDS deducted with the underlying books and payment records.

• Verify PAN and other deductee details.

• Ensure the Form No. 141 challan-cum-statement has been correctly furnished and processed.

• Generate Form No. 132 through TRACES.

• Verify the certificate before issuance.

• Provide the certificate to the concerned deductee.

• Maintain the certificate and related TDS records for future reconciliation and tax proceedings.

Conclusion

The introduction of Form No. 132 is an important compliance change under the Income-tax Act, 2025. Businesses should ensure that the July 2026 TDS transactions covered by section 393(1) are properly reconciled and that Form No. 132 is issued by 14 September 2026.

The Income-tax Rules, 2026 were notified by CBDT through Notification No. 22/2026, G.S.R. 198(E), dated 20 March 2026, and came into force from 1 April 2026.

For expert guidance on this topic, contact your tax professional today.

EXCERPT: Form No. 132 for specified July 2026 TDS transactions must be issued by 14 September 2026. Ensure Form 141 is processed first.

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