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.
Click here to download Form 121
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.
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