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Form 121 of income tax

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Discussion is about eligibility of Form 121 (proposed replacement of Form 15G/15H) for a senior citizen with 10,00,000 income in FY 2026-27. Since final tax liability after rebate is NIL, the key condition of NIL tax liability is satisfied, so filing Form 121 is considered eligible.

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(Querist)
06 April 2026 A senior whose total income Rs.1000000 . His tax liability under income tax act after rebate for the financial year 2026-27 is NIL. Is he eligbile to file Form 121
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
06 April 2026 • Form 121 (Updated Return) cannot be filed when tax liability is NIL
• It is allowed only when additional tax is payable
• In this case → Not eligible
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P.Madhivadhanan

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P.Madhivadhanan (Querist)
07 April 2026 I am talking about instead of 15G/15H new form 121 introduced for tax year 2026-27
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