Form 121 is not applicable for FY 2025-26,

Form 121 is a new, unified self-declaration form in India (effective 2026) that replaces the older Form 15G and Form 15H. Resident individuals use it to request that banks and financial institutions do not deduct Tax Deducted at Source (TDS) on specific incomes, such as bank interest, if their total annual income is below the taxable limit.
Key Details About Form 121:

• Purpose: To prevent TDS on interest income when total tax liability is nil.
• Replacement: Replaces former Form 15G (for individuals below 60) and Form 15H (for senior citizens 60+).
• Eligibility: Only for Resident Individuals and HUFs, not for companies, firms, or non-residents.
• When to Submit: Before the first credit or payment of income, usually at the start of the financial year.
• Where to Submit: Banks, Post Offices, Insurance companies, or EPFO (for PF withdrawal).
• Unified Process: A single Unique Identification Number (UIN) is generated, linking all submissions. 

How to Submit Form 121:

1. Obtain the Form: Available at bank branches or as a downloadable PDF.
2. Fill Part A: Fill in personal details, PAN, and estimated income details.
3. Ensure Eligibility: Your total expected income must be below the basic exemption limit.
4. Submit to Payer: Submit the form directly to the bank or institution. 

It is important to ensure your PAN is valid and linked, as the form relies on your PAN to track and aggregate income for UIN generation. 
 

Form 121 is effective from April 1, 2026 and applies to Financial Year (FY) 2026-27 and later. 
 

• Effective Date: Form 121 officially replaced the older Forms 15G and 15H as of April 1, 2026.
• Target Tax Year: It is the mandatory form for the Tax Year starting April 1, 2026 (FY 2026-27).
• Earlier Years: For income earned during FY 2025-26, the older Forms 15G and 15H remained valid until March 31, 2026.
• Annual Submission: Like the forms it replaced, Form 121 is valid for only one financial year and must be resubmitted every year in April (or before the first income payment) to ensure non-deduction of TDS. 

Form 121 is the unified self-declaration form (effective from 1 April 2026) used by resident individuals and HUFs to request that payers (like banks) do not deduct Tax Deducted at Source (TDS) on specific incomes, such as bank interest or dividends. 
 
Purpose of Form 121

• Nil Tax Liability: Its primary purpose is to declare that your estimated total income for the financial year is below the taxable limit and your final tax liability is zero.
• Unified Declaration: It replaces the older Forms 15G (for those under 60) and 15H (for senior citizens), removing age-based confusion with a single form for everyone.
• Applies to Multiple Incomes: Use it to avoid TDS on:
  • Interest on fixed and recurring deposits (FDs/RDs).
  • Dividends from shares or mutual funds.
  • PF withdrawals and insurance commissions.
  • Rental income in certain cases. 

 
How to Submit Form 121
You must submit this form separately to each payer (e.g., each individual bank where you have FDs) at the start of the financial year before the first income payment is credited. 
 
Online Submission (Recommended)
Most major financial institutions provide a digital path for faster processing:

• Net Banking/Mobile Apps: Log in to your bank’s portal, navigate to the “TDS” or “Service Request” section, and select “Form 121”.
• Auto-Pre-filling: Many portals now auto-populate your PAN, name, and address from your profile to reduce errors.
• E-Verification: You can typically sign the form using Aadhaar-based OTP or net banking credentials.
• Income Tax Portal: In some cases, you can also file it directly through the Income Tax Department.

 
Offline Submission

• Manual Filling: Download Part A of Form 121 from the Income Tax Department website or your bank’s site.
• Branch Visit: Fill in your details (PAN is mandatory), sign the declaration, and submit the paper copy to your bank branch or the relevant office.