FORM 121 UNDER NEW INCOME TAX ACT 2025
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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 )
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 )
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.
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.
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:
&/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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