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Home/Business/Economy/Form 121: New TDS Exemption Rules for FY…

Form 121: New TDS Exemption Rules for FY 2026-27

Economy
By ThePip Desk•
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A person's hands holding a magnifying glass over a tax form labeled "Form 121" on a cluttered desk with coins and coffee.

Hands reviewing “Form 121” with a magnifying glass on a desk.

Key Highlights

Learn about Form 121, replacing 15G & 15H for TDS exemption. Understand the new rules for senior citizens & individuals to avoid errors in FY 2026-27.

A new form is coming for those seeking exemption from Tax Deducted at Source (TDS). Form 121 will replace Form 15H, which is currently filed by senior citizens, as well as Form 15G, used by individuals under 60 years of age.

The change aims to streamline the process, but it’s important to understand the updates to avoid mistakes when filing for the financial year 2026-27.

Tax experts recommend carefully reviewing the new requirements for Form 121 to ensure accurate filing and to continue receiving applicable TDS exemptions.