Quick Summary
The Income-tax Act, 2025, as amended by the Finance Act, 2026, provides for certain situations where tax may not need to be deducted at source (TDS). Eligible taxpayers can submit a self-declaration inForm 121 to claim non-deduction of tax on specified types of income. When Can Form 121 Be Filed? A self-declaration in Form 121 can be submitted by eligible individuals for specified income where the applicable conditions are satisfied. Importantly, the declaration needs to be filed again if the
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Form 121 is a self-declaration that eligible taxpayers can submit to their payers to claim non-deduction of Tax Deducted at Source (TDS) on specified types of income.
Resident individuals (non-senior citizens) can submit it if their relevant income doesn't exceed the maximum exemption limit and their tax on estimated total income is nil. Non-corporate taxpayers (excluding companies, firms, and individuals) have similar conditions. Resident senior citizens (aged 60+) can submit it if their tax liability on estimated total income is nil after considering Section 156 rebates.
Covered income includes accumulated employee balances, insurance commission, rent, income from specified units, interest on securities, other interest, dividends, and certain payments under life insurance policies.
Payers must allot a Unique Identification Number (UIN) to each declaration, upload electronic and digitised declarations quarterly to the income-tax e-filing portal, and include transaction details in their quarterly TDS statements.
Payers are required to retain Form 121 declarations for seven years from the end of the tax year in which the form was received.
If your estimated income changes, you must resubmit the declaration in Form 121 to your payer.
CAclubindia
