Eligibility for filling NEW Form 121 from April 2026

This query is : Resolved

Quick Summary

Discussion is about eligibility to file new Form 121 (replacement of 15G/15H) from April 2026 for avoiding TDS. Senior citizen with zero tax liability due to rebate is eligible, but spouse earning 5-6 lakh is ineligible as income exceeds exemption limit despite NIL tax after rebate.

Venkatesan V

Venkatesan V (Querist)
Follow

13 March 2026 Hello All,

Myself a Senior citizen and my wife age is 56 years.

we both have income only from Fixed Deposits, Mutual Fund dividends and Savings bank interest. Earlier years we were giving Form 15H and 15G for not deducting TDS.

Last year, since the total income for each of us comes around 5 — 6 lakhs, one deposit company said we are not eligible to submit Form 15G or H, so we did not give the forms and TDS was deducted and refund was Claimed in ITR

Now it is said that in the NEW IT rules, Tax will be ZERO for income uplo 12 Lakhs.

Can we File the new Form 121 this year because the Tax upto 12 Lakhs is zero OR we are still ineligible to give Form 121 as the Income for each of us is more than 5 lakhs.

please clarify

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
Follow

13 March 2026 Under the new Income Tax rules for Form 121, you (as a senior citizen) are eligible to submit the form and avoid TDS because your final tax liability is zero. However, your wife (age 56) is ineligible because her income of ₹5–6 Lakhs exceeds the basic exemption limit of ₹4 Lakhs, even though her final tax is zero due to rebates. She will need to let the TDS be deducted and claim a refund via her ITR.

Venkatesan V

Venkatesan V (Querist)
Follow

15 March 2026 THANK YOU VERY MUCH SIR !!!

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now