Applicability of Form 121 submission in following cases:
Individual resident beolw 60 years
Total income below 4 lakh
Total income between 4 lakh and 12 lakhs
Individual resident above 60 years
Total income below 4 lakh
Total income between 4 lakh and 12 lakhs
Form 121 (u/s 197) is not based purely on income slabs. It is applicable only when TDS deduction is higher than actual tax liability. If income is below taxable limit, filing is not required. However, for income between ₹4–12 lakh (or any level), Form 121 can be filed if excess TDS is expected.
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