Form No 121 of Income Tax Act
Form No. 121 is a new self-declaration form introduced under Section 393(6) of the Income-tax Act (from 2025–26). It replaces the old Forms 15G and 15H. 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.
With this form, resident individuals and HUFs can declare that their total income is below the taxable limit, so no TDS will be deducted on income like interest, dividends, or rent.
Form 121 Due Date
| Event Action | Details | Due Date |
|---|---|---|
| Submission of Declaration | Furnished to payer before income is credited or paid (e.g., at the beginning of the tax year or before first payment) | As and when income arises |
| Monthly Statement by Payer | To be filed with the Income-tax Department containing details of declarations received | On or before 7th of the following month |
| Quoting in Quarterly TDS Statement | Payer must quote the Unique Identification Number (UIN) while filing statement in Form No. 140 | Along with Form No. 140 (Quarterly TDS Return) |