Union Bank of India Form 121 from Download

Here are the key points from the provided Form No. 121 (Declaration under section 393(6) for receipt of certain incomes without deduction of tax) (form-121-u… p. 1):

• Tax Exemption: This form is a formal self-declaration submitted to a payer to receive specific types of income without any Tax Deducted at Source (TDS) (form-121-u… p. 1).
• Eligibility Rule: The declaration is only valid and accepted if the declarant’s calculated total estimated tax liability for the financial year is completely nil (form-121-u… pp. 1, 3).
• Income Cap Rule: For individuals under 60 years old, the total declared income must not exceed the maximum amount that is exempt from tax (form-121-u… pp. 1, 3). This cap does not apply to senior citizens aged 60 or above (form-121-u… pp. 1, 3).

• Personal Profile: Captures full name (no abbreviations), address, PAN, email, contact number, and tax residential status (form-121-u… pp. 1, 3).
• Income Tracking: Requires the exact nature of the income, the estimated amount, and tracking of any other Form 121 variants submitted earlier in the same tax year (form-121-u… p. 1).
• Historical Tax Filings: The declarant must explicitly provide the Tax Year, Acknowledgment Number, and Return Income for their previous two Income Tax Returns (ITRs) (form-121-u… p. 1).

• Payer Information: The entity responsible for paying the income must fill out their name, address, PAN, and Tax Deduction and Collection Account Number (TAN) (form-121-u… p. 2).
• Processing & Reporting: The payer must assign a Unique Identification Number (UIN) to every Form 121 received during a quarter and report it in their quarterly TDS statement (form-121-u… p. 3).

The declaration can be submitted for the following specific types of income (form-121-u… p. 3):

• Provident Fund: Accumulated balance due to an employee from a recognized provident fund (form-121-u… p. 3).
• Insurance & Policies: Insurance commission payouts or payments received from a life insurance policy (including bonuses) (form-121-u… p. 3).
• Rent: Rental income received from a specified person (form-121-u… p. 3).
• Mutual Funds & Dividends: Income from mutual fund units or dividends declared by a domestic company (form-121-u… p. 3).
• Bank & Securities Interest: Interest earned on securities, or standard interest earned on bank, co-operative society, and post office deposits (form-121-u… p. 3).

• False Declarations: Making a false statement on this form carries severe consequences. The declarant faces direct prosecution and financial penalties under section 482 of the Act (form-121-u… pp. 2-3).

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