Explainer
Income Tax
1 min read
Form 121 Replaces Form 15H for TDS Exemption Claims
Full Story
Form 121 is a new combined form that replaces both Form 15G and Form 15H for TDS exemption claims, streamlining the process for individuals and senior citizens.
How It Works
1
Determine your eligibility
Check if your total income is below the taxable limit. Companies and firms are not eligible.
2
Fill Form 121
Provide details like your name, PAN, address, and estimated income. The form may offer auto-population features.
3
Submit the form
Furnish the declaration to the payer before the income is credited. Banks may offer online submission.
Common Mistakes
✕Thinking Form 121 is for tax filing
✕Exceeding income limits
Quick Answer
Form 121 is the single form used to declare that your income is below the taxable limit, ensuring no TDS is deducted from income like bank interest.
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