KVB Bank Form No 121 Download

KVB Bank Form No 121

The provided document outlines FORM NO. 121, which is a declaration form used under Section 393(6) to receive certain specific incomes without the deduction of tax (TDS). It allows eligible taxpayers to claim exemption from TDS if their estimated total annual income stays below the taxable threshold.

Here are the key points from the form:

1. Declarant Identification

The header captures the basic legal and tax background of the applicant:

Personal Data: Full Name, physical Address, Email ID, and Contact Number.
Tax Identifiers: Permanent Account Number (PAN), residential status, and legal status.
Senior Citizen Check: An explicit “Yes/No” field asking if the resident individual is 60 years of age or older during the relevant tax year.

2. Breakdown of Current & Cumulative Income

This section tracks the financial limits required to justify a zero-tax status:

The Income Source: Clear fields detailing the exact Nature of Income and the Estimated Income for which the declaration is being filed.
Previous Filings Trackers: A declaration of whether any other Form 121 variants were submitted earlier in the same tax year, including the total count and cumulative financial amounts of those past forms.
Aggregate Calculations: A sum combining the current estimated income and past Form 121 filings, followed by an estimate of your total annual income including these amounts.

3. Historical Tax Returns

Two-Year Track Record: The form features a mandatory ledger to document your Income Tax Return (ITR) filings for the previous two tax years.
Verification Fields: For each year, you must disclose the specific Tax Year, official ITR Acknowledgment Number, and the exact Return Income declared.

4. Legal Declaration & Penalty Warning

By signing the declaration, you legally swear to the following conditions:

Zero Tax Liability: You affirm that the tax on your estimated total income for the specified tax year will be nil.
Exemption Thresholds: You confirm that your aggregate declared income does not exceed the maximum amount that is exempt from tax (this limit check does not apply to senior citizens over 60).
Prosecution Liability: An explicit warning stating that if this declaration is found to be false, you will be held directly liable for prosecution and financial penalties under the Act.