Form No. 121 (Earlier Form Nos. 15G & 15H)

What is Form 121?

Form 121 is a self-declaration form submitted to banks or financial institutions to request non-deduction of TDS on certain incomes like interest, dividend, or rent. It works on the principle that if your total income is not taxable, tax should not be deducted at source.

Form 15G/15H vs Form 121 (Old vs New Framework)

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Why was Form 121 introduced?

Form 121 was introduced to replace Form 15G and 15H and remove the confusion of choosing between forms based on age. It creates a single, uniform system that is easier to understand and use.

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How does Form 121 work?

Banks generally deduct TDS when they credit income like FD interest. By submitting Form 121, you declare that your total income for the year will be below the taxable limit and your tax liability is zero. Based on this, the bank does not deduct TDS.

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Who can submit Form 121?

Resident Individuals (whether below 60 years or 60 years and above), Hindu Undivided Families (HUFs), and other specified eligible entities that meet the stipulated criteria. Companies and Firms are not eligible to file Form 121.

Non-residents are not eligible to file this form.

• Earlier Form 15G – Resident individuals (below 60 years) and HUFs with:
  No tax liability for the year, and
  Total interest income below the basic exemption limit.
• Earlier Form 15H – Resident individuals aged 60 years or more with:
  Estimated total income below the taxable limit after considering deductions.

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Documents required to fill Form 121

To complete Form 121, persons must provide personal and financial information, such as the declarant's PAN (required), the payer's TAN, proof of age, and details of income/investment for which no TDS is to be deducted. Bank account information (for interest-bearing products). The tax yYear, , estimated total income, details of the income for which the declaration is being filed, etc.

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What income is covered under Form 121?

Form 121 can be used to avoid TDS on:

• Interest (FD, RD, post office deposits)
• Dividend income
• Rent
• Other specified incomes where TDS applies

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How to fill Form 121?

It comprises two parts:

• Part A - investor-filled declaration
• Part B - issuer-reported details submitted quarterly to the e-filing portal

Part A is filled and signed by the investor to declare nil tax liability on the estimated total income, enabling TDS exemption on interest payments.

Part B is completed by the issuer or payer (e.g., bond company, bank, NBFC) with details like the assigned Unique Identification Number (UIN), payment amounts, and reporting obligations, then submitted quarterly to the Income Tax e-filing portal.

Read the article below to know each field of Part A and how to fill it.

Part A has two sections - “Details of the declarant” and “Details of income”. Let’s understand them one by one.

Section: Details of the Declarant

• Name: Enter your full name exactly as it appears on your PAN card. No abbreviations.
• Address: Your current or permanent address as per your KYC/OVD documents. Must include flat/building, road/street, area, district, PIN code, and state.
• PAN: Your Permanent Account Number. This is mandatory. The declaration is invalid without it.
• Status: Select "Individual" or "HUF" as applicable.
• Residential Status: Select "Resident".
  • Age 60 or above? Write "Yes" if your age is 60 years or above at any point of time during the FY 2025-26;
  • Write "No" if you are below 60.
• Email ID: Your registered email address linked with your Demat Account.
• Contact Number: Your mobile number linked to your PAN. Country code: +91.
• Financial Year: 2025-26

Section: Details of Income

• Nature of Income: For Bond and FDs investors on Grip, this is "Interest Income" (interest on securities/interest other than interest on securities).
• Estimated income for which declaration is made: Enter the estimated interest income you expect to receive from this specific issuer/bond during FY 2025-26.
• Other Form 121 declarations filed this year: If you have already filed Form 121 with any other issuer or institution during FY 2025-26 (e.g., a bank, FD, or another bond issuer), select "Yes" and fill fields 11(a) and 11(b). If this is your first Form 121 for the year, select "No".
  • Total number of Form 121 filed earlier: Enter the count of Form 121 declarations submitted to other payers so far during FY 2025-26 (not counting this one).
  • Aggregate income in those earlier declarations: Enter the total estimated income amount you declared across all those earlier Form 121 submissions.
• Aggregate income for declaration this year: It is the sum of Field 10 + Field 11(b). It represents the total income across all your Form 121 declarations for the year.
• Estimated total income for the Financial Year: Enter your gross estimated total income from ALL sources for the full year, including salary/pension, interest from all investments (bonds, FDs, savings accounts), rental income, and any other income. This must be below the taxable limits.
• ITR details for the previous two years: Fill in your Income Tax Return details for Financial Years 2024-25 and 2023-24:
  • Financial Year
  • ITR Acknowledgement Number (from your ITR filing confirmation) - It is a 15-digit numerical number generated on filing your Income Tax return
  • Taxable income as per your last return

If you have not filed an ITR for a year, please note "Not Applicable" and consult a tax advisor.

Declaration

After reviewing all the fields, sign the declaration confirming that:

• The information provided is true, correct, and complete.
• The income is not includible in any other person's total income.
• Tax on your estimated total income for 2026-27 will be nil.
• Your income declared does not exceed the maximum amount not chargeable to tax.
• You are aware that a false declaration can lead to prosecution under the Income Tax Act.

Please also mention the Place and Date before signing.

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When and where should it be submitted?

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What happens after submission?

Once submitted:

• The bank processes the form
• A Unique Identification Number (UIN) may be generated
• Details are reported to the Income-tax Department
• TDS is not deducted on eligible income

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