Form 121: Avoid TDS Under Income Tax Act 2025
A person filling out Form 121 at a desk with old books and a calculator.
Key Highlights
Learn about Form 121 under the Income Tax Act 2025. Simplify tax submissions and avoid TDS with this new form replacing 15G and 15H. Streamline your tax process!
Under the Income Tax Act 2025, a new form known as Form 121 has been introduced, replacing the previously used Form 15G and Form 15H. Taxpayers must submit this form to their bank to avoid Tax Deducted at Source (TDS) for the Tax Year 2026-27.
The introduction of Form 121 aims to simplify the tax submission process. By consolidating the functions of Form 15G and Form 15H into a single document, it removes confusion about which form is applicable for different taxpayers.
The goal is to streamline the process, making it easier for individuals to manage their tax obligations and ensure accurate submissions to financial institutions.