Form No. 121 – Complete Details (Replaces 15G & 15H)

📢 *Form No. 121 – Complete Details (Replaces 15G & 15H)* 

👉 What is Form 121?

Form No. 121 is a declaration under section 393(6) of Income-tax Act, 2025 stating that your total estimated income is NIL, so no TDS should be deducted on your income.

🔁 Replacement Update

• Old Forms 15G & 15H are discontinued

• Now Form 121 is used for ALL eligible taxpayers (below & above 60 years)

👥 Who Can Submit?

✔ Resident Individuals (any age)

✔ HUF (Hindu Undivided Family)

✔ Other eligible entities

❌ Not Allowed:

• Companies

• Firms

• Non-residents

💰 Applicable Income Types

Form 121 can be used to avoid TDS on:

• Interest from Bank/Post Office deposits

• Pension & PF withdrawal

• Insurance commission

• Rent income

• Mutual fund income

• Dividend

• Life insurance payouts

📄 Important Conditions

✔ Total estimated income for the year should be NIL taxable

✔ Declaration must be true and correct

✔ Submit every financial year separately

📝 Submission Rules

• Submit to each payer separately (bank, post office, etc.)

• Submit before payment/credit date

• Mode:

👉 Offline (paper form)

👉 Online (if facility available)

🆔 PAN Requirement

⚠️ PAN is mandatory

❌ Without PAN → Form invalid → TDS will be deducted

🏢 For Payers (Bank/Post Office)

• Must upload declarations online to Income Tax portal

• Must report such transactions in Quarterly TDS Return (Form 140)

🔁 Multiple Income Sources?

👉 You must submit Form 121 to EACH payer separately

⚠️ Important Note

If Form 121 is not submitted →

👉 TDS will be deducted as per Income Tax rules

📌 Summary:

Form 121 is now a single unified form for all eligible taxpayers to avoid TDS legally, replacing both 15G & 15H.