FORM 121 UNDER NEW INCOME TAX ACT 2025

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Discussion explains Form 121 under Income Tax Act 2025 (replacing Form 15G/15H). Eligibility depends on NIL tax liability and basic exemption limit. Conditions vary by income mix like interest, rent, and salary, and also depend on age (senior vs non-senior taxpayer rules).

urvashi kareliya

urvashi kareliya (Querist)
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13 April 2026 hiii !!! filing of form 121 under new income tax act 2025( form 15G & 15H under old regime)

case 1: my interest and dividend income in total is 5,00,000

case 2 : my rent income is 3,50,000 and interest income is 7,50,000

case 3: my salary is 7,00,000 and interest income is 3,00,000

explain form 121 under new income tax act 2025, on above three cases and explain that we have to considered basic exemption limit or final tax liability shall be nil( case covered under rebate also )

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 April 2026 To file Form 121, you must satisfy two primary conditions:
Total Tax Liability must be NIL: Your final tax on estimated total income for the year (after all deductions) must be zero.
Basic Exemption Limit: For individuals below 60 years, the total income from all sources (before deductions) should not exceed the basic exemption limit. Note: For senior citizens (60+), only the "Nil Tax Liability" condition usually applies, similar to the old Form 15H rules.

Answers to each option would depend upon the age of the assessee.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 April 2026 For details refer:: https://bondscanner.com/blog/form-121-income-tax-tds-form-15g-15h

&/or
https://taxguru.in/income-tax/income-tax-form-121-replaces-15g-15h-faqs-guidance-note.html#:~:text=Who%20Should%20File:,Frequency%20&%20Due%20Dates:

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