Form 121 Income Tax: How to Fill, PDF Download & Eligibility (FY 2026-27)

Form 121 is a self-declaration form which is submitted by taxpayer to avoid TDS when their tax liability is zero. 

Effective from 1st April 2026 onwards, Form 121 has replaced both Form 15G and Form 15H under the Income Tax Act 2025. 

Yes, a senior citizen can also file Form 121.

No, NRIs cannot file Form 121 as the form is only for resident taxpayers. 

No, filing Form 121 is not mandatory. Resident taxpayers can file Form 121 to avoid TDS when their tax liability is zero. 

If your total tax liability is zero, then no TDS will be deducted on your interest income if you submit Form 121. 

Form 121 should be submitted by the taxpayer before the interest is credited as TDS will also be deducted at the time of crediting interest. 

Form 121 is submitted to avoid TDS deduction when the taxpayer's tax liability is zero. Hence, it is always recommended to submit Form 121 before TDS deduction. 

If Form 121 is not submitted by the taxpayer, then the payer paying interest will deduct TDS at applicable rate as per the income tax act provisions. 

Yes, Form 121 can be submitted by HUFs also to avoid TDS deduction. 

Taxpayers can submit Form 121 online through their respective bank's online portal. 

When the non-senior citizen income is up to Rs. 4 lakhs under the new regime or Rs. 2.5 lakhs under the old regime, they are eligible for filing Form 121.

Yes, you can submit form 121 to multiple banks for different FDs

When you submit Form 121 to a payer, the payer assigns a Unique Identification Number (UIN) to your declaration. The UIN is used to track your declaration in the Income Tax Department's system and is reported in the quarterly TDS return. You do not need to generate the UIN yourself - the payer assigns it after receiving your Form 121.

If you submit Form 121 without a valid and operative PAN, the declaration is treated as invalid. The payer is then required to deduct TDS at 20% the maximum marginal rate regardless of your actual income level. Always verify that your PAN is active and linked to your Aadhaar before submitting Form 121.

Yes. If you have fixed deposits or other eligible income across multiple banks or financial institutions, you must submit a separate Form 121 to each payer. A single Form 121 does not cover multiple payers. For example, if you have FDs at SBI, HDFC Bank, and a post office, you must submit three separate Form 121 declarations.

No. Form 121 must be submitted before the income is credited or paid. If TDS has already been deducted, you cannot use Form 121 to recover it. In such cases, you must file your Income Tax Return (ITR) and claim the TDS amount as a credit. Any excess TDS will be refunded by the Income Tax Department.

Yes. From April 1, 2026, EPFO has replaced Forms 15G and 15H with Form 121. If you are withdrawing your EPF balance and want to avoid TDS deduction, you must submit Form 121 to EPFO. Submit Form 121 before your withdrawal request is processed.

No. Form 121 is valid only for one Tax Year. If you submitted Form 121 for Tax Year 2026-27, you must submit a fresh Form 121 for Tax Year 2027-28. The declaration does not carry forward automatically. It is recommended to submit Form 121 at the beginning of each new Tax Year (i.e., in April).

Form 121 requires you to disclose your Income Tax Return (ITR) details for the last two Tax Years specifically the ITR acknowledgement number and the taxable income declared in each year. This is a new requirement under Form 121 that was not present in the old Forms 15G/15H. If you have not filed ITR for the past two years, write 'Not Applicable'. This information helps the payer verify the credibility of your declaration.

Yes. Under the Income Tax Act 2025, if you turn 60 at any time during Tax Year 2026-27, you are treated as a senior citizen for that entire year and can file Form 121 under the senior citizen conditions. This means your tax liability must be nil but under Form 121, senior citizens (60+) must also ensure their aggregate income from covered sources does not exceed the maximum amount not chargeable to tax (₹4 lakh under the new regime).

If your actual income for the tax year exceeds the basic exemption limit and is taxable, you must declare it in your ITR and pay any tax due as self-assessment tax. The payer will not re-deduct TDS based on Form 121. Intentionally filing Form 121 when income is taxable constitutes a false declaration.

If you have completed 5 or more years of continuous service, EPF withdrawals are fully tax-exempt and TDS is not deducted regardless of Form 121. Form 121 for EPFO is relevant only when you have less than 5 years of service and your withdrawal is ₹50,000 or more.

Form 121 does not need to be attached to your ITR. However, all income received via Form 121 (on which TDS was not deducted) must be declared in your ITR under the appropriate income head. If your income is taxable, you will need to pay tax on it via advance tax or self-assessment tax.

Yes. The payer is required to upload Form 121 declaration details on the income tax e-filing portal quarterly. This data flows into your Annual Information Statement (AIS). Even though TDS is not deducted, the income will appear in your AIS and must be declared in your ITR.

UIN is a 26-character alphanumeric code generated by the payer for each Form 121 declaration. It consists of a sequence number (D + 9 digits), the tax year (e.g., 2026-27), and the payer's TAN (10 characters). The UIN is used to track your Form 121 in the income tax system and is quoted in the payer's quarterly TDS return (Form 140).