Starting from 1st April 2026, the New Income Tax Rules abolish Forms 15G/15H entirely. Single Form 121 will replace both Form 15G and Form 15H.
What is Form 121?
Form 121 is a self-declaration form that individuals can submit to a deductor declaring that:
- Total estimated income for the tax year is not taxable as it is below the basic exemption limit.
- Final tax liability will be nil.
Therefore, TDS should not be deducted from their income.
Why Form 121 was introduced?
Form 121 has been introduced to simplify the TDS declarations rules. Earlier, people had to choose between Form 15G (for non-senior citizens) or Form 15H (for senior citizens) which creates confusion based on age classification.
Now, the age-based difference is removed, and Form 121 replaces both forms for everyone.
How to fill Form 121?
Download Form No. 121 of income tax in pdf and fill the Part A in details:
- Personal details such as Name, Address, PAN, Status, Residential Status, Date of Birth, Contact details and Tax Year.
- Provide income details – Nature of Income, Estimated income, Aggregate amount of Income, Estimated total income of the Tax Year and Details of last two Tax Year’s ITR filed.
Where to submit Form 121?
You can submit to the bank or financial institution/employer where details of the person responsible for paying income will fill Part B that includes -
- Name, Address, TAN,PAN, Contact details and Tax Year.
- Name of the declarant, PAN, UIN, Date of Birth/Incorporation, Address, Contact details, Estimated income, Estimated total income of the Tax Year, Aggregate amount of Income and Date on which declaration is received.
Submission can be manual or online, depending on payer. The bank/finance company may provide online facility.
What should the payer do after receiving Form 121?
When a person submits the declaration, payer needs to verify eligibility (PAN, Status, etc.) and record the form.
The payer assigns a UIN for each Form 121 received. This UIN has multiple components (Sequence Number, Tax Year, TAN of payer).
The payer is 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.
Steps:
- Ensure payer has a valid TAN and is registered on e-filing portal.
- Download the CSV utility.
- 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.
After upload, status will show “Uploaded”, then after processing “Accepted” or “Rejected”.
Even though no tax is deducted at source because of Form No. 121, the payer must quote the UIN of the declarant in the quarterly TDS statement in Form No. 140 so that records align.
Difference between Form 15G, Form 15H and Form 121
| Feature | Form 15G/15H | Form 121 |
| Basis of Year | Based on Assessment Year (AY) | Based on Tax Year |
| Language | Used technical wording such as "Name of Assessee" | Uses simpler wording like "Name" |
| Age Details | Asked for Date of Birth | Simply asks to select "yes or no" whether you are 60 years or above. |
| Identification number | PAN or Aadhaar allowed | Only PAN is accepted |
| Previous ITR details | Asked whether ITR was filed in the last 6 years | Asks ITR details for last 2 years only |
| TDS sections | Required section references | No technical section inputs |
| Investment account number | Required specific investment account numbers | Not required |
Form Submission Time Limit
Form 121 must be submitted at the beginning of the every financial year. Even if your income situation has not changed.
FAQs
Who is eligible to submit Form 121?
Resident Individuals (whether below or above 60 years), Hindu Undivided Families (HUFs) and other specified eligible entities whose total income is below the taxable limit and no tax liability for the year.
Also note - Companies, Firms and Non-residents are not eligible to submit Form 121.
What are the documents required to file Form No. 121?
PAN of the declarant, TAN of Payer, Proof of age, Details of income/investment for which no TDS is to be deducted, Bank account details.
When is the last date to submit Form 121?
There is no fixed last date, you can submit at the beginning of the tax year or before income is credited.
Where is the declaration data reflected?
The declaration data is reflected in Form No. 168/AIS.
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