The Form That Replaced 15G and 15H – Fill It Right

How to Fill Form 121 for TDS Exemption — The Right Way in 2025–26

Your bank is deducting TDS from your FD interest — but you don’t have to let that happen. Form 121 is the new official self-declaration form that stops TDS deduction from the source, and most people are filling it out wrong or not at all. In this guide, you’ll learn exactly how to fill every single field of Form 121, what to write, what to skip, and what mistakes can get your declaration rejected.

When Do You Need Form 121?

You need this form before your bank or financial institution credits income to your account. Submit it at the start of the tax year or before the first payment is made.

Use Form 121 if:

• Your FD interest will exceed ₹40,000 (₹50,000 for senior citizens), but your total annual income is below the taxable limit
• You earn from EPF withdrawal, insurance commission, mutual fund units, dividends, rent, or life insurance payouts – and your tax liability is nil
• You are a resident individual (below or above 60 years) or an HUF

⚠️ Companies, firms, and non-residents cannot submit this form. It will be rejected outright.

Documents You Need Before You Start

• Your PAN card (mandatory — no PAN = no exemption)
• TAN of your bank or paying institution (your bank will have this)
• Age proof — especially if you are 60 years or older (Aadhaar, passport)
• Details of any other Form 121 declarations filed earlier during the same tax year
• ITR acknowledgement numbers for the last two tax years (if you filed returns)
• The estimated figure of your total income for the current tax year

Step-by-Step Guide to Fill Form 121 — Every Field Explained

Form 121 has two parts. Part A is filled in by you (the declarant). Part B is filled and verified by your bank or the paying institution.

PART A – Your Section (Declarant Details)

Field 1 – Name: Write your full legal name – first, middle, and last. No initials, no abbreviations. Exactly as it appears on your PAN card, for an HUF, write the HUF name in full.

Field 2 – Address: This must be complete. Include: Flat/Door/Building number → Road/Street/Sector → Area/Locality → District → State → PIN Code → Post Office → Country/Region. Incomplete addresses are a top reason for rejection.

Field 3 -Permanent Account Number (PAN): Enter your 10-character alphanumeric PAN exactly. Double-check – one wrong character and your declaration is invalid.

Field 4 – Status: Select your category. Options are:

• Resident Individual (Section 393(6), Table Sl. No. 1)
• Any other eligible person – not a company, not a firm, not an individual covered above (Section 393(6), Table Sl. No. 2)

Field 5 – Residential Status: Select one: Resident / Non-Resident / Resident but Not Ordinarily Resident. If you’re filing this form, you must be a Resident.

Field 5(a)- Age 60 or More? If you are a resident individual, answer Yes or No. This determines whether the income ceiling applies to you. Senior citizens (60+) will get a higher exemption limit and do not need to satisfy the income ceiling condition.

Field 6 – Email ID: Enter an active email address. The Income Tax Department uses this for communication and AIS linking.

Field 7 – Contact Number: Enter your country code (for India: +91) followed by your 10-digit mobile number.

Field 8 -Tax Year: Write the tax year for which you are making this declaration (e.g., 2025–26). This form is valid only for the year you mention here. You must resubmit every year.

Income Details – Be Precise Here

Field 9 – Nature of Income: Select the type of income for which you want TDS exemption. Choose only the applicable one(s):

• (a) EPF accumulated balance withdrawal
• (b) Insurance commission
• (c) Rent from a specified person
• (d) Units of mutual fund / Administrator of specified undertaking / specified company
• (e) Interest on securities, bank FD interest, post office deposit interest
• (f) Life insurance policy payout (including bonus)
• (g) Dividend from a domestic company (including preference shares)

Field 10 – Estimated Income for Which Declaration Is Made Write the amount (in ₹) you expect to earn from the income type you selected in Field 9 – from this specific payer only. This is not your total income. Be realistic and honest.

Field 11 – Earlier Form 121 Filings (if any): If you already submitted Form 121 to another bank or institution during the same tax year, you must declare it here.

• Field 11(a): Total number of Form 121 declarations filed before this one during the tax year
• Field 11(b): Total amount of income declared across all those earlier filings

If this is your first Form 121 for the year, leave 11(a) as 0 and 11(b) as ₹0.

Field 12 – Aggregate Amount of Income Declared This Tax Year. This auto-calculates as: Field 10 + Field 11(b). It shows the total income declared across all your Form 121 filings this year.

Field 13 – Estimated Total Income for the Tax Year. This is your big number — your total expected income from all sources for this tax year, including income in Field 12. Calculate this carefully. Include salary, interest, rent, dividends, capital gains — everything. Then subtract applicable Chapter VIII deductions (like 80C). Your estimated tax on this amount must be nil for your declaration to be accepted.

Field 14 – ITR Details for Previous Two Tax Years: Fill the table with:

• Tax Year (e.g., 2023–24, 2024–25)
• ITR Acknowledgement Number
• Return Income (total income as per your filed return)

If you did not file ITR, leave blank – but note that this may affect the credibility of your declaration.

Declaration (Signature Section – Part A)

Read all five declaration points carefully before signing:

1. You confirm the information is true and complete
2. The income is not clubbed under another person’s tax
3. Your estimated tax liability for the year is nil
4. Your income doesn’t exceed the maximum non-taxable limit (not applicable if you’re 60+)
5. A false declaration makes you liable for prosecution under Section 482

Sign, write your name, and fill in the Place and Date of signing.

PART B – Filled by Your Bank / Paying Institution

You do not fill Part B. Your bank fills it after receiving Part A from you. Here’s what they entered for your reference:

• Bank’s name, address, TAN, and PAN
• Tax Year
• Your name, PAN, Date of Birth/Incorporation, address, email, and contact
• Unique Identification Number (UIN) — assigned by the bank to your declaration
• Your estimated income (from Part A, Field 10)
• Your aggregate income declared (from Part A, Field 12)
• Your total estimated income (from Part A, Field 13)
• Date on which the declaration was received

The authorised bank representative signs the Part B verification. The bank must report this UIN in the quarterly TDS return (Form 140) and submit a monthly statement by the 7th of the following month.

Common Mistakes to Avoid

• Submitting after income is credited – Form 121 must reach the bank before the income is credited or paid. Submit it at the beginning of the tax year.
• Wrong PAN or abbreviated name – One wrong character = rejection. Match exactly with your PAN card.
• Incomplete address– Missing PIN code, area, or district — is a common omission that results in declarations being returned.
• Not declaring earlier Form 121 filings -If you submitted one to another bank and don’t mention it in Fields 11(a) and 11(b), it’s a false declaration.
• Overestimating or underestimating Field 13 – Too low and the bank rejects it; too high and you may owe tax. Be accurate.
• Reusing last year’s form – Form 121 is valid only for the tax year mentioned. Submit a fresh one every year.
• Submitting for non-eligible income – Only the income types listed in Field 9 qualify. Interest on loans to friends or business income does not qualify.

What Happens After You Submit?

Your bank verifies Part A, assigns a Unique Identification Number (UIN) to your declaration, and fills Part B. They will not deduct TDS on the declared income for the tax year, as long as your eligibility conditions hold. The bank reports your declaration to the Income Tax Department monthly (by the 7th of the following month). This data appears in your Form 168 / Annual Information Statement (AIS) – linked to your PAN – so the department can cross-verify what you declared vs. what was actually paid to you.

If a mismatch is found later, you may receive a notice. False declarations attract prosecution under Section 482 of the Income Tax Act, 2025.

Download Form 121 & Related Resources

📥 Download Form 121 PDF — Official Document

This is the official form issued under Section 393(6) of the Income Tax Act, 2025, read with Rule 211. Always download from the official Income Tax e-Filing portal or your bank’s authorised platform.

Related Forms You May Need:

• 📄 Form 15G — Old EPF Tax Declaration (Pre-2025) — Still in use for EPF filings under the old act
• 📄 Form 49A — PAN Card Application(PDF) — Apply or update your PAN before filing Form 121
• 📄 How to Apply for ePAN Online Free — Get your PAN linked and verified instantly(Guide)
• 📄 Form 130 — New TDS Certificate Replacing Form 16 — Understand your new salary TDS certificate

Frequently Asked Questions

Form 121 is an official form issued by the Income Tax Department of India under the Income Tax Act, 2025 and Income Tax Rules, 2026. Always verify the latest version from incometax.gov.in.