Single form 121 for mutiple interest income from Bonds.

• Form 121 serves as the unified replacement for Forms 15G and 15H to avoid TDS on interest income.

• Filing Form 121 electronically through a depository like CDSL or NSDL covers demat-held bonds and securities centrally, eliminating the need to file separate declarations for each individual NBFC or bond issuer.

Thank you for confirmation. This is not yet widely known. I discovered accidentaly and some interest for current fy have arrived after tds, anyway for rest of the year it may work.

Thank you for confirmation. This is not yet widely known. I discovered accidentaly and some interest for current fy have arrived after tds, anyway for rest of the year it may work.

A single Form 121 filed through one depository does NOT automatically cover securities held in a different depository.

CDSL and NSDL are separate systems. When you file Form 121 through CDSL, it covers bonds held in your CDSL demat account. For bonds held in your NSDL account, you need a separate Form 121 filing on the NSDL platform.

Where to file based on where the bonds are held:
- Bonds in CDSL: file Form 121 via CDSL's e-services portal (web.cdslindia.com)
- Bonds in NSDL: file Form 121 separately via NSDL's IDeAS or Speed-e platform
- Directly held bonds or bonds registered in issuer's records: file Form 121 with the paying company or its registrar (like KFINTECH or Link Intime)

Also, the eligibility condition: Form 121 is only valid if your estimated total income for the year does not exceed the basic exemption limit (same condition as the old 15G). If your total income is above the exemption threshold, TDS deduction cannot be avoided through this form.

This [Form 121 guide for 2026](https://taxgarden.in/blog/form-121-15g-15h-tds-exemption-india-2026) covers the depository-specific filing steps and the eligibility rules.

Mail from CDSL which self explanatory

Greetings from Central Depository Service (India) Limited.

We wish to confirm the receipt of Form 121 submitted under PAN ******794N. Please note that the same will be applicable to all your demat accounts maintained with both depositories - CDSL and NSDL.

Note: This request processing and validity is subject to all clauses mentioned in Form 121.

Warm Regards,

Central Depository Services (India) Limited.

Mail from CDSL which self explanatory

Greetings from Central Depository Service (India) Limited.

We wish to confirm the receipt of Form 121 submitted under PAN ******794N. Please note that the same will be applicable to all your demat accounts maintained with both depositories - CDSL and NSDL.

Note: This request processing and validity is subject to all clauses mentioned in Form 121.

Warm Regards,

Central Depository Services (India) Limited.

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Form 121 works differently from what many investors expect.

You need to submit Form 121 to each DEDUCTOR separately, not once for all income. So if you hold bonds from 3 different companies, you submit Form 121 to each of them individually.

The form is a self-declaration that your TOTAL estimated income for the tax year will not exceed the taxable threshold (after deductions). The deductor relies on your declaration and does not verify income from other sources.

Two conditions must be met for the declaration to be valid:
- Your total estimated income from ALL sources this year must be below the taxable limit
- The estimated tax on the declared income must be nil

If your combined interest income from bonds, FDs, and other sources crosses the taxable threshold, Form 121 is not applicable and TDS will be deducted. You can claim the TDS credit when filing your ITR.

This [TDS exemption via Form 121 guide](https://taxgarden.in/blog/form-121-15g-15h-tds-exemption-india-2026) has the eligibility conditions and filing process.