Form 121: India's New TDS Declaration Form (Replaces Forms 15G & 15H)

| Last updated: 25 May 2026

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Quick Summary

Starting April 1, 2026, Form 121 is India's single TDS self-declaration form, replacing the older Form 15G and Form 15H. This new form is designed to simplify the process for individuals and HUFs whose total tax liability for the financial year is nil. It covers various income types like interest, dividends, and rent, and must be submitted to each income payer before the income is credited to avoid Tax Deducted at Source (TDS).

Contents Why the Government Replaced 15G and 15H Who Can File Form 121? Income Types Covered Form 121 vs 15G vs 15H — Key Differences How to Submit Form 121 — Step by Step Common Mistakes That Cause TDS Anyway Frequently Asked Questions

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FAQ :

Form 121 is India's new TDS self-declaration form, effective from April 1, 2026. It replaces both Form 15G (for individuals under 60) and Form 15H (for senior citizens) under the new Income Tax Act 2025.

You can file Form 121 if you are a resident individual or HUF, have a valid PAN, and your estimated total tax liability for the financial year is nil. Companies, firms, and NRIs are not eligible.

Form 121 can be used to prevent TDS on interest from bank deposits and savings accounts, dividends from shares and mutual funds, PF withdrawals (below 5 years of service), life insurance payouts, rent, insurance commission, and certain pension categories.

You need to download the official Form 121 PDF, fill in your details (Part A) and the payer's details (Part B), and submit it directly to each income payer (e.g., bank, AMC) before the income is credited. This can be done online or offline.

The most common mistake is submitting the form after the income has already been credited or paid. To avoid TDS, Form 121 must be submitted at the start of the financial year, before any income is received.

No, you submit Form 121 directly to the payer (your bank, AMC, insurance company, etc.). The payer is then responsible for reporting these submissions to the Income Tax Department quarterly.