Quick Summary
The Employees' Provident Fund Organisation (EPFO), with the newly implemented Income Tax Act, 2025, has officially notified the transition from the existing Forms 15G and 15H to a unified declaration form, Form 121. This change is effective from April 1, 2026 and aims to streamline the process of claiming TDS exemption on eligible incomes. As per the EPFO circular dated April 13, 2026, the move is part of a broader regulatory shift following the phase-out of the Income-tax Act, 1961 and the enf
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FAQ :
Form 121 is a new consolidated self-declaration form under the Income Tax Act, 2025, which allows eligible taxpayers to declare that their estimated total income for the financial year is below the taxable limit, thereby avoiding TDS.
Form 121 replaces the older Forms 15G (for individuals below 60 and HUFs) and 15H (for senior citizens).
Form 121 is effective from April 1, 2026.
Resident individuals (both below and above 60 years), Hindu Undivided Families (HUFs), and other eligible non-corporate entities can file Form 121. Companies, firms, and non-residents are not eligible.
The declaration applies to income streams such as EPF withdrawals, interest income from deposits, insurance commission, rent income, mutual fund income, dividends, and life insurance payouts.
Payers must assign a Unique Identification Number (UIN) to each Form 121, file a consolidated statement of submissions by the 7th of the following month, and report UINs in their quarterly TDS returns (Form 140).
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