My Mother in law is 87 and has a valid pan card. Her total income per year including pension, FD interest from banks, post office and public ltd companies like LIC, Power Finance is approx 7.55 lakhs , in which 3.60 lakhs is pension alone. She is well below the income tax limit as all put together the income is less than 12 lakhs per annum.
Does she need to submit form 121 to all the institutions?
Kindly clarify
Thanks and Regards
Since your mother-in-law is 87 years old and has a valid PAN, she can submit Form 121 to each bank / post office / company / institution from which TDS-deductible income is received, provided her estimated final tax liability for the year is NIL.
Form 121 has replaced the earlier Form 15G / Form 15H system from 1 April 2026. For senior citizens, the key condition is that tax on estimated total income should be nil.
In your case, if her total estimated income is around ₹7.55 lakh and no special-rate taxable income is involved, her final tax liability may be nil under the new regime due to rebate. Therefore, Form 121 may be submitted to avoid TDS deduction.
It should be submitted separately to every institution where TDS may otherwise be deducted. If Form 121 is not submitted, TDS may be deducted, and refund can be claimed later while filing ITR.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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