Bank of Maharashtra Form 121-English Form Download

Form No. 121 is a self-declaration form submitted under Section 393(6) of the Income-tax Act, 2025 (Rule 211 of the Income-tax Rules, 2026). Introduced on 1 April 2026, it serves as a unified replacement for the older Form 15G and Form 15H. [1, 2, 3]

When submitted to banks like the Bank of Maharashtra, it requests the non-deduction of Tax Deducted at Source (TDS) on eligible incomes. [4, 5]

The key points concerning this form include:

• Consolidated Framework: Taxpayers no longer need to decide between Form 15G (for individuals below 60 years) and Form 15H (for senior citizens). [1, 6]
• Zero Tax Claim: It allows eligible taxpayers to declare that their estimated total tax liability for the financial year will be Nil, preventing the bank from deducting upfront TDS. [3, 7]

• Taxpayers Covered: Resident Individuals (irrespective of age) and Hindu Undivided Families (HUFs).
• Ineligibility: Companies, partnership firms, and Non-Resident Indians (NRIs) cannot file Form 121.
• Income Threshold Limit: For individuals under 60, the total income from the declared source cannot exceed the basic maximum untaxable limit (b3e4e23d-4… p. 4). This cap is relaxed for senior citizens (60 years or above), whose total income can cross that limit as long as their final calculated net tax remains Nil (b3e4e23d-4… p. 2). [3, 8]

Form 121 can be used to prevent TDS on several income channels, including (b3e4e23d-4… p. 3): [7]

• Interest on bank deposits (Fixed Deposits and Recurring Deposits).
• Dividend earnings and income from mutual fund units (b3e4e23d-4… p. 3).
• Premature Employee Provident Fund (EPF) withdrawals and continuous pensions.
• Life insurance policy payouts and insurance commissions (b3e4e23d-4… p. 3).
• Rental income paid by specified persons (b3e4e23d-4… p. 3). [3, 7, 9]

• ITR History Tracking: Declaring taxpayers must now explicitly provide details of the Income Tax Returns (ITR) filed for the previous two tax years, including the 15-digit ITR acknowledgement number and reported taxable income (b3e4e23d-4… p. 1). [3, 10]
• Aggregated Declarations: If you have already filed Form 121 with other financial entities during the same tax year, you must list the total number of previous forms filed and the combined sum of income covered (b3e4e23d-4… p. 1). [10]

• Annual Renewal: Form 121 is valid only for one specific tax year. It must be resubmitted fresh at the beginning of each new financial year (ideally in April) to keep the TDS exemption active. [3]
• Pan Mandatory: A valid Permanent Account Number (PAN) is compulsory. If a declaration is submitted without a PAN, it becomes invalid and the bank will deduct TDS at higher default rates (up to 20%). [10, 11, 12]
• False Declarations: Filing a deceptive self-declaration to evade legitimate tax deductions is punishable by prosecution under Section 482 of the Act (b3e4e23d-4… p. 4). [13]