Given a complex manifold $M$, we can complexify its wedge product of tangent cotangent bundles. Consider $\wedge^{k}T^{\ast}M \otimes \mathbb C$, and we know that $T^{\ast}M \otimes \mathbb C$ decomposes into $T^{\ast}M^{(1,0)} \oplus T^{\ast}M^{(0,1)}$.
Then by the commutativity of wedge product and direcsum, we conclude that $\wedge^{k}T^{\ast}M = \bigoplus_{p+q = k} \wedge^{p}T^{\ast}M^{(1,0)} \otimes \wedge^{q}T^{\ast}M^{(0,1)}$.
A $(p,q)$ form is a section of $\wedge^{p}T^{\ast}M^{(1,0)} \otimes \wedge^{q}T^{\ast}M^{(0,1)}$, but why does a typical element of (p,q) form looks like $dz_{k_1} \wedge dz_{k_p} \ldots \wedge d\bar{z_{t_1}} \ldots \wedge d \bar{z_{t_1}}$ in local coordinates? Where does the tensor product go?
You wrote:$$\Lambda^{k}T^{\ast}M = \bigoplus_{p+q = k} \Lambda^{p}{(T^{1,0})}^*M \otimes \Lambda^{q}{(T^{0,1})}^*M$$
This is wrong, the correct identity is $$(\Lambda^{k}T^{\ast}M)\otimes \mathbb{C} = \bigoplus_{p+q = k} \Lambda^{p}{(T^{1,0})}^*M \wedge \Lambda^{q}{(T^{0,1})}^*M$$
You derive this identity like so: $$\begin{align} (\Lambda^{k}T^*M) \otimes \mathbb{C} &= \Lambda^{k} (T^*M \otimes \mathbb{C})\\ & = \Lambda^{k} ({(T^{1,0})}^*M \oplus {(T^{0,1})}^*M)\\ &= \bigoplus_{p+q = k} \Lambda^{p}{(T^{1,0})}^*M \wedge \Lambda^{q}{(T^{0,1})}^*M \end{align} $$ The tensor product didn't go anywhere because it wasn't there to begin with: it was already gone as soon as you wrote $T^*M \otimes \mathbb{C} = {(T^{1,0})}^*M \oplus {(T^{0,1})}^*M$.
EDIT: As TedShifrin points out in the comment, most texts write a tensor product (as you did) instead of a wedge there. I suppose that in general $V \wedge W$ does not make sense when $V$ and $W$ are different vector spaces but $V \otimes W$ does, which probably explains the choice of "most texts". But they're wrong: $dz \otimes d\bar{z}$ is not the same as $dz \wedge d\bar{z}$. The point is that $dz \wedge d\bar{z}$ does make sense, because $dz$ and $d\bar{z}$ are both one-forms (complexified). More generally, $\Lambda^{p}{(T^{1,0})}^*M$ and $\Lambda^{q}{(T^{0,1})}^*M$ are not the same vector space but they are both subspaces of the complexified exterior algebra $(\Lambda T^*M) \otimes \mathbb{C}$, so their wedge product is a well-defined subspace of $(\Lambda T^*M) \otimes \mathbb{C}$.