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Investing

Form 15G and 15H Are Now Form 121: Who Can Submit It and How

From 1 April 2026, Form 121 replaces Form 15G and 15H. Submit it to each bank or payer to stop TDS if tax on your total income will be nil.

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Written by Ananya Iyer

Published 26 September 2026·6 min read

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From 1 April 2026, Form 15G and Form 15H have been replaced by a single Form 121 under Section 393(6) of the Income-tax Act, 2025. Give it to your bank, EPFO or other payer to stop TDS, but only if tax on your total income for the year will be nil. A false declaration can lead to prosecution.

Key facts

Item Old rules (up to FY 2025-26) From tax year 2026-27
Form Form 15G (under 60), Form 15H (60 and above) Form No. 121 for both
Law Section 197A, Income-tax Act, 1961; Rule 29C Section 393(6), Income-tax Act, 2025; Rule 211 of the Income-tax Rules, 2026
Who can file Resident individuals and eligible persons other than companies and firms Same; non-residents, companies and firms cannot
Condition Tax on estimated total income is nil Same
PAN Mandatory Mandatory; the form is invalid without it
How often Every financial year, to each payer Every tax year, to each payer

Many people still search for Form 15G or 15H, and some banks label the facility that way. For any payment from 1 April 2026, the declaration you sign is Form 121.

Who is eligible

You can submit Form 121 if you are a resident individual, a HUF or another eligible person that is not a company or firm. Two conditions decide whether a payer can accept it:

ItemDetails
Everyonetax on your estimated total income for the tax year, including the income in the form, must be nil. This is worked out after Chapter VIII deductions and the rebate under Section 156.
Under 60 (the old Form 15G case)in addition, the income covered by all your Form 121 declarations that year must not exceed the basic exemption limit. The payer must reject the form if it does.
60 or older at any time in the year (the old Form 15H case)only the nil-tax test applies. There is no cap on the income covered.

This difference matters. In the new regime, income up to ₹4 lakh is not taxed, and the Section 156 rebate of up to ₹60,000 brings tax to nil on income up to ₹12 lakh. A senior citizen with ₹9 lakh of interest and no other income owes no tax, so they can file Form 121. A 45-year-old with the same income cannot, because ₹9 lakh is above the ₹4 lakh basic exemption limit. Check your own figure with the income tax calculator before you sign.

Where it applies: FD, RD, EPF, dividends and more

Form 121 covers these payments:

Income TDS threshold in tax year 2026-27 (per payer)
Interest on bank, co-operative bank and post office deposits (FD, RD) ₹1,00,000 for senior citizens; ₹50,000 for others
EPF withdrawal (accumulated balance) ₹50,000
Dividends from companies ₹10,000
Income from mutual fund units ₹10,000
Interest on securities ₹10,000
Rent, insurance commission, life insurance payouts Varies by payment

If your interest from a bank stays below the threshold, the bank deducts no TDS anyway, so you do not need the form. It helps when your income from one payer will cross the threshold but your total tax will still be nil.

For EPF, TDS generally applies when you withdraw before completing five years of continuous service. Our guide to EPF and VPF explains the withdrawal rules. The full list of deduction rates is in our TDS rates chart.

How to submit Form 121

  1. Estimate your total income for the tax year from all sources, and the tax on it after deductions and rebate.
  2. Confirm the tax is nil. If you are under 60, also confirm that the income you will declare stays within the basic exemption limit.
  3. Fill in Part A: name, address, PAN, status, residential status, age band (60 or older, or not) and the tax year.
  4. Enter the nature of income and the estimated amount from this payer.
  5. List any other Form 121 you filed that year, with their total income, plus your estimated total income for the year.
  6. Give acknowledgment numbers and returned income for the ITRs of the previous two tax years, where filed.
  7. Sign the declaration and submit it to the payer, on paper at the branch or online if the payer offers that.
  8. Repeat for every payer: each bank, EPFO or company paying you needs its own declaration.

After you submit, the payer fills Part B and uploads the details to the e-Filing portal. The Income Tax Department allots one Unique Identification Number (UIN) per PAN for the tax year, linking all your declarations. The payer also reports these payments in its quarterly TDS statement in Form No. 140.

When to submit

Submit Form 121 before the payer credits or pays the income. For a fixed deposit, that means before the first interest credit of the tax year. For an EPF withdrawal, submit it with the claim. Tax already deducted is not reversed. You can claim it back only as a refund when you file your return. A new declaration is needed for each tax year.

What happens if you file one wrongly

In Form 121 you declare that the statements are true and that tax on your estimated total income will be nil. Anyone who makes a false statement in the declaration can be prosecuted under Section 482 of the Income-tax Act, 2025.

  • If your income rises during the year and tax is no longer nil, stop relying on the declaration. Tell your bank so TDS can resume, or pay advance tax yourself.
  • Income covered by Form 121 is still taxable income. It must go into your return, and the Department can see it through the UIN and the payer’s reports.
  • A declaration without PAN is invalid. The payer must then deduct TDS at the applicable rate.

If your income sits close to the nil-tax line, or you have several payers, a chartered accountant can check whether you qualify.

Form numbers under the Income-tax Act, 2025

Item Income-tax Act, 1961 Income-tax Act, 2025
Declaration form Form 15G and Form 15H Form No. 121
Section 197A(1), 197A(1A), 197A(1C) 393(6)
Rule Rule 29C, Income-tax Rules, 1962 Rule 211, Income-tax Rules, 2026
TDS on EPF withdrawal Section 192A Section 392(7)
TDS on interest Section 194A Section 393(1)

The e-Filing portal says declarations for any tax year starting on or after 1 April 2026 must use Form 121. Senior citizens looking at deposits can compare senior citizen FD rates.

Frequently asked questions

Is Form 15G still valid in 2026?

Not for income paid from 1 April 2026. Form 121 replaces both Form 15G and Form 15H from tax year 2026-27.

Who should submit Form 15H now?

Resident individuals aged 60 or more now submit Form 121 and tick that they are 60 or older. The nil-tax condition still applies.

Can I submit Form 121 for my FD if my income is above ₹4 lakh?

If you are under 60, generally no, because the income declared must stay within the basic exemption limit. If you are 60 or older, you can, as long as the tax on your total income is nil.

Do I need Form 15G or 121 for PF withdrawal?

Only if TDS would apply, typically on withdrawals above ₹50,000 before five years of service, and only if your tax for the year will be nil.

Do I have to submit Form 121 to every bank?

Yes. Each payer needs its own declaration, and you must disclose the others you have filed that year.

Can NRIs submit Form 121?

No. Non-residents, companies and firms are not eligible.

What if TDS was deducted before I submitted the form?

The bank will not refund it. Claim the amount as a refund in your income tax return.

Sources

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