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Taxation on Returns

What is Form 121? Who needs to submit this form?


Form 121 is a single, age-neutral self-declaration form that replaces the old Forms 15G and 15H starting April 1, 2026. You submit this form to tell the bond issuer that your total income for the financial year is below the taxable limit, requesting them not to deduct Tax Deducted at Source (TDS) on your bond interest. You can submit form 121 if your annual income is within the basic tax exemption limit. It applies to resident individuals of all ages and Hindu Undivided Families (HUFs).
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