PNB Bank Form No. 121 (erstwhile 15G/H) (w.e.f. 01.04.2026)

PNB Bank Form No. 121 (erstwhile 15G/H) (w.e.f. 01.04.2026) from Download

The primary purpose of Form No. 121 (effective 01 April 2026) is to act as a self-declaration to receive specific types of income without any deduction of Tax Deducted at Source (TDS) (p. 1). It replaces the erstwhile Form 15G and Form 15H systems.

Here are the key points and essential components of this 3-page form:

Core Purpose & Eligibility

Zero Tax Liability: The declarant must self-certify that the tax on their estimated total income for the financial year will be nil (p. 1).
Eligible Entities: It can be furnished by resident individuals or any person who is not a company or a firm (p. 3).
Income Limit Restrictions: For individuals under 60 years old, the declaration cannot be accepted if the total declared income exceeds the maximum amount not chargeable to tax (pp. 2-3). This limit does not apply to senior citizens (aged 60 or more) (p. 2).

Covered Income Sources

This form applies to a wide range of specific incomes, including:

Interest Income: Interest on securities, bank deposits, co-operative bank deposits, or post office scheme deposits (p. 3).
Investment Payouts: Dividends from domestic companies and income distributions from mutual fund units (p. 3).
Insurance Receipts: Insurance commissions and maturity payouts from life insurance policies (p. 3).
Retirement & Rent: Accumulated provident fund (PF) balance withdrawals and rent received from specified persons (p. 3).

Mandatory Declarant Tracking (Part A)

The applicant must fully disclose their details and previous filings:

Identification: Full legal name (no abbreviations), address, PAN, and exact residential status (pp. 1, 3).
Income Tracking: Total estimated income for the year, including any other Form 121 declarations already filed during the same tax year (p. 1).
ITR History: Details of the Income Tax Returns (ITR) filed for the previous two tax years, including acknowledgment numbers and declared income (p. 1).

Bank/Payer Responsibilities (Part B)

The bank branch or person paying the income must fulfill strict reporting workflows:

Unique Tracking: The bank must assign a Unique Identification Number (UIN) to every Form 121 received during a quarter (pp. 2-3).
TDS Reporting: The bank must report these UINs in their quarterly TDS statements submitted to the tax department (p. 3).
Verification: Payer officials certify that the declarant’s data has been correctly processed and recorded (p. 3).