The Income Tax Department has launched a new form – Form 121, replacing Form 15G and 15H. Form No. 121 are self-declaration Forms furnished by individuals to ensure no deduction of tax at source (TDS) on specified incomes such as interest on bank deposits, post office deposits, or other specified incomes, when their total income is below the taxable limit. These declarations are made under Section 393(6) of the Income-tax Act, 2025 read with Rule 211 of the Income-tax Rules, 2026. Taxpayers can fill out and submit Form 121 to Banks to avoid paying TDS on savings.
Table of contents
Who can file Form 121? What is the Eligibility?
Form 121 can be filed by Resident individuals (whether below 60 years or 60 years and above), Hindu Undivided Families (HUFs), and other specified eligible entities that meet the stipulated criteria. Companies and firms are not eligible to file Form 121. Non-residents are not eligible to file this form.
Earlier Form 15G was filed by Resident individuals below 60 years and HUFs with no tax liability for the year, and total interest income below the basic exemption limit. Earlier Form 15H was filed by Resident individuals aged 60 years or more with Estimated total income below the taxable limit after considering deductions.
When should Form 121 be filed? Last date, Due date and Frequency
| Event | Action | Due Date |
|---|---|---|
| Submission of Declaration | Furnished to payer before income is credited or paid (e.g., at the beginning of the Tax Year or before first payment). | As and when income arises |
| Monthly Statement by Payer | To be filed with the Income-tax Department containing details of declarations received. | On or before 7th of the following month |
| Quoting in Quarterly TDS Statement | Payer must quote the Unique Identification Number (UIN) allotted by the payer while filing Statement in Form No. 140. | Along with Form No. 140 (Quarterly TDS Return) |
Documents/details required to file Form No. 121
- PAN of the declarant (mandatory), TAN of Payer.
- Proof of age
- Details of income/investment for which no TDS is to be deducted.
- Bank account details (for interest-bearing instruments).
How to file Form 121 with banks?
Follow these simple steps to file Form 121
- Check Tax Eligibility
First step is to check the tax eligibility. Check whether you are eligible for Tax payment or not.
- Obtain the form
Download Form 121 PDF given below. Many banks support online submission of the form via internet/mobile banking
- Fill in the Form 121
Fill the form – Name, PAN, Status (Individual/HUF/trust), Tax Year, Residential status, estimated total income, details of the income for which the declaration is being filed, etc.
- Submit the form to the payer/deductor
Submit to the bank/financial institution/employer that will make the payment (e.g., interest, dividend).
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How Banks will process the Form 121?
Step 1) When a taxpayer will submit the Form 121 to Banks, the Banks will assign a UIN for each Form 121 received. This UIN has multiple components (Sequence Number, Tax Year, TAN of payer). The sequence number should align with the paper declaration (if paper) and the online record.
Step 2) The Banks are required to upload a consolidated statement of all Forms 121 received on a monthly basis through the e-filing portal of the Income-tax Department (via TAN login) even though no TDS is deducted. Bank should have a valid TAN and is registered on e-filing portal. After login, Bank should download the CSV utility.
Step 3) Login via TAN on Income Tax e-Filing portal → e-File → Fill Form No. 121 (select applicable Form, Year, Month, Filing Type) → Attach CSV + Signature → Upload.
Step 4) After upload, status will show “Uploaded”, then after processing “Accepted” or “Rejected”.
Step 5) Even though no tax is deducted at source because of Form No. 121, the Bank must quote the UIN of the declarant in the quarterly TDS statement in Form No. 140 so that records align.
Form 121 Important FAQs
Form 121 is a new form launched by the Income Tax Department, replacing Form 15G and 15H. Taxpayers can fill and submit this form to Banks to avoid the deduction of TDS.
Form 121 can be filed by Resident individuals (whether below 60 years or 60 years and above).
When a taxpayer will submit the Form 121 to Banks, the Banks will assign a UIN for each Form 121 received.
Download Income Tax TDS Form 121 PDF
