Here are the key points regarding SBI bank Form No. 121 as per the new income tax Act 2025 and Income tax Rules 2026 framework:

• What is form 121 in income tax : It is Single Unified Form for non-deduction of TDS under Income Tax Act 2025 in India  from 1st April 2026 . Form 121 is a new, single unified declaration form that merges and replaces the older Form 15G and Form 15H used under the Income-tax Act, 1961.
• Purpose: It is a self-declaration submitted by an eligible taxpayer to a payer (such as a bank or financial institution) requesting the non-deduction of TDS. By submitting this form, the recipient of the income declares that the tax on their estimated total income for the tax year will be nil.
• Universal Applicability: Previously, taxpayers had to determine their eligibility and choose between Form 15G (for resident individuals below 60 years of age and other eligible persons) and Form 15H (for resident individuals aged 60 or above). Form 121 eliminates this confusion because it is applicable to all eligible declarants regardless of their age.
• Governing Section: Under the new Income-tax Act, 2025, Form 121 is governed by Section 393(6).
• Effective Date: This merged form will be applicable starting from the Tax Year 2026-27.
• Simplified Compliance: By splitting away from category-specific forms and using a single unified form, it completely removes ambiguity and simplifies compliance for both the taxpayers and the payers.
• When to FileForm No. 121 is applicable for tax years beginning on or after April 1, 2026 (i.e., from Tax Year 2026-27 onwards).You should file Form 121 with the person responsible for paying your income (the deductor) before the tax is deducted at source—meaning before the income is paid or credited to your account.By submitting this written declaration, you are instructing the payer not to deduct TDS because your estimated total income for the tax year will be nil.Once you submit the form to the payer, it is the payer’s responsibility to deliver a copy of your declaration to the Income Tax Department on or before the 7th day of the month following the month in which you provided the form to them.for
• Eligibility criteria to file 121
  • For Non-Senior Citizens (Below 60 years): They must satisfy two conditions. Their estimated final tax liability for the year must be nil, AND their total estimated income for the year must not exceed the basic exemption limit (the maximum amount not chargeable to tax)
  • For Senior Citizens (60 years and above): They are exempted from the basic exemption limit condition. A senior citizen can successfully submit Form 121 as long as the final tax on their estimated total income for the tax year will be nil, even if their gross income crosses the basic exemption limit
• when can File form 121 :  Under the Income-tax Act, 2025, Form No. 121 is a single unified self-declaration form that merges and replaces the old Form 15G and Form 15H. It is used by eligible taxpayers to request a payer (such as a bank or financial institution) not to deduct Tax Deducted at Source (TDS) because their estimated tax on total income for the year will be zero.Here are examples of individuals who can file Form 121 based on their age:1. Example of a person less than 60 years of age (Previously eligible for Form 15G) Mr. Sharma is a 45-year-old resident individual. He earns an annual income of ₹2,50,000 from his freelance work and expects to earn ₹1,00,000 as interest from his bank fixed deposits. His total estimated income for the year is ₹3,50,000. Because his total income falls below the basic taxable limit, his estimated tax liability for the year will be nil. Mr. Sharma can submit Form 121 to his bank, instructing them not to deduct TDS on his fixed deposit interest.2. Example of a person aged 60 years or above (Previously eligible for Form 15H) Mrs. Gupta is a 68-year-old resident senior citizen. She earns a family pension and interest from her savings, bringing her total estimated income for the tax year to ₹8,00,000. Under the New Tax Regime, resident individuals with a total income not exceeding ₹12,00,000 are entitled to a 100% tax rebate under Section 156 (capped at ₹60,000), making her final tax liability entirely nil. Since her estimated tax on her total income will be nil, Mrs. Gupta can submit Form 121 to her bank to ensure no TDS is deducted from her interest payouts.In both cases, the unified Form 121 eliminates the confusion of choosing between age-specific forms, as it applies to all eligible declarants regardless of their age. 

SBI 121 form pdf download

Download Form 121 in PDF Click here to download form

Other Methods to Download SBI Form 121

• Official SBI Form Repository: Check the SBI Forms and Applications page for the latest bank-specific version.
• Income Tax Portal: Access it on the Income Tax Website under the “Income Tax Forms” section.

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Form 124 Income Tax Rules 2026 Download Claim Deduction by Employee from Employer from 1st April 2026 onwards.

FORM NO. 124
[See rule 205]
Statement showing particulars of claims by an employee for deduction of tax under section 392(5)(b)

Form No. 124 is the newly introduced form under the income-tax act, 2025 and income tax rules, 2026, which effectively replaces the old form 12BB.

Here are the key points regarding Form 124:

1. Purpose and Utility It is a statement furnished by a salaried employee to their employer to provide details of claims for deductions, exemptions, and allowances (such as House Rent Allowance, Leave Travel Allowance, housing loan interest, and investments). This allows the employer to accurately compute the employee’s taxable salary and appropriately deduct Tax Deducted at Source (TDS).

2. Governing Provisions The form is governed by Section 392(5)(b) of the Income-tax Act, 2025, read with Rule 205 of the Income-tax Rules, 2026.

3. Is it Mandatory? No, it is not strictly mandatory. It only needs to be filed if the employee wants the employer to consider their tax-saving claims when estimating their taxable income and TDS liability.

• If you do not submit Form 124, the employer will deduct TDS on your salary without allowing the benefit of any deductions or exemptions.
• You do not need to file Form 124 to claim the standard deduction, as it is allowed automatically.

4. Structure of the Form The form is structured into specific sections:

• Part A: Captures the basic details of the employee, including Name, Address, PAN, Contact Details, and the relevant “Tax Year”.
• Part B: Contains the details of the specific tax benefits being claimed by the employee, alongside the supporting evidence provided.
• Declaration: A certification by the employee that the particulars are correct and complete.

5. Required Supporting Documents Employees must attach evidence to support their claims in Part B, such as:

• HRA: Copy of the rent agreement. Crucially, if the annual rent exceeds ₹1,00,000, providing the landlord’s PAN is mandatory (Aadhaar is not mandatory unless requested by the employer).
• Leave Travel Allowance (LTA): Documents supporting the LTC/LTA claim.
• Housing Loan Interest: Copy of the loan agreement.
• Other Deductions: Documents proving investments or expenditures (like children’s education fees or health insurance).

6. Submission Process The form must be submitted to the current employer once every financial year at the earliest possible time. It can be submitted either electronically or physically directly to the employer; it does not need to be separately uploaded onto the Income-tax portal.

7. Changing Jobs If an employee changes jobs during the year, they can submit Form 124 to their new employer. However, they should also provide their income and TDS details from the previous employer (using the newly designated Form No. 122) to ensure correct TDS calculations.

Download pdf Form 124 Income Tax Rules 2026 Claim Tax Deduction by Employee from Employer

Download pdf Form 124 Income Tax Rules 2026 click here

FAQS on Form 124 Income Tax Rules 26

1. What is Form No. 124 and its use?
Ans: Form No. 124 is a statement furnished by an employee to his employer for availing  benefit of deductions, exemptions, allowances while computing taxable salary and TDS liability. Any salaried individual who wishes the employer to consider his claim of tax benefits related to House Rent Allowance (HRA), Leave Travel Allowance (LTA), deductions related to Investment or expenditure or deduction of interest on housing loan, must file this form along with supporting evidence.

2. What are the different parts of the Form No. 124?
Ans: Form No. 124 has two parts, viz. Part A and Part B.

Part A contains complete details of the employee.

Part B contains details of various Tax Benefits being sought by the employee along with specified annexures in support of such claims

3. Is it mandatory for the employee to file Form No. 124?
Ans: Form No. 124 is to be filed only if the employee wants his claim of deductions or  exemptions etc to be considered by the employer while estimating his taxable income and computing TDS liability

5. Is the PAN of the landlord mandatory in Form No. 124?
Ans: Yes, the PAN of the landlord must be furnished if the annual rent exceeds ₹1,00,000. However, Aadhaar is not mandatory unless specifically requested by the employer.

6. Can Form No. 124 be filed online?
Ans: It may be submitted to the Employer either electronically or physically. It is not required  to be uploaded separately on the Income-tax portal.

7. What happens if Form No. 124 is not submitted to the employer?
Ans: In case employee does not file any claim seeking tax benefits through Form No. 124, the employer will deduct TDS on salary income without allowing benefit of any deduction /exemption.

8. Is Form No. 124 required for the standard deduction?
Ans: No. The standard deduction is allowed in every case and does not require a separate declaration in Form No. 124 or any other Form.

9. Can Form No. 124 include declarations for family-related expenses?

Ans: Yes, it can include declarations for children’s education fees (as part of investment declarations) and medical reimbursements or health insurance benefits, if allowed by the organization.

10. Can Form No. 124 be submitted if an employee changes jobs during the year?
Ans: Yes. The employee should also provide income and TDS details from the previous  employer (via Form No. 122) to the current employer for correct TDS calculation.

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Guidance on Form 124 Income Tax Rules 26

Purpose:
Form No. 124 is used by an employee to furnish the details of different claims on account of  deductions, exemptions, allowances and related evidence thereof to the employer so that correct amount of tax could be deducted at source after taking the claims into consideration accordingly. It is provided u/s 392(5)(b) of the Income-tax Act, 2025 read with Rule 205 of the Income-tax Rules, 2026.

Who Should File:
Employee to current Employer

Frequency & Due Dates:
This form is to be submitted at the earliest possible so that tax liability could be computed and  tax could be deducted accordingly. The form is to be filed once every financial year.

Structure of Form No. 124:
1. Part A: Details of the Employee: Name, Address, PAN, Contact Details and Tax Year.
2. Part B: Details of Claims and Evidence thereof
 House Rent Allowance
 Leave travel concessions or assistance
 Deduction of interest on borrowing
 Deduction under Chapter VIII-A & B
 Other details to be attached as annexure
3. Declaration by Employee: Certification that particulars are correct and complete.

Common Changes Made Across Forms:
1. Tax payer (employee) details such as Name, Designation, Address, PAN etc. have been standardized.
2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
3. Changes related to Sections, Clauses and Schedules have been aligned as per the Incometax Act, 2025.

4. Currency symbol “Rs.” has been replaced with “₹

click here

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FORM NO. 121
[See rule 211]
Declaration under section 393(6) for receipt of certain incomes without deduction of tax

Here are the key points regarding Form No. 121 under the new income tax Act 2025 and as per Rule 211 of Income tax Rules 2026 framework:

• What is form 121 in income tax : It is Single Unified Form for non-deduction of TDS under Income Tax Act 2025 in India  from 1st April 2026 . Form 121 is a new, single unified declaration form that merges and replaces the older Form 15G and Form 15H used under the Income-tax Act, 1961.
• Purpose: It is a self-declaration submitted by an eligible taxpayer to a payer (such as a bank or financial institution) requesting the non-deduction of TDS. By submitting this form, the recipient of the income declares that the tax on their estimated total income for the tax year will be nil.
• Universal Applicability: Previously, taxpayers had to determine their eligibility and choose between Form 15G (for resident individuals below 60 years of age and other eligible persons) and Form 15H (for resident individuals aged 60 or above). Form 121 eliminates this confusion because it is applicable to all eligible declarants regardless of their age.
• Governing Section: Under the new Income-tax Act, 2025, Form 121 is governed by Section 393(6).
• Effective Date: This merged form will be applicable starting from the Tax Year 2026-27.
• Simplified Compliance: By splitting away from category-specific forms and using a single unified form, it completely removes ambiguity and simplifies compliance for both the taxpayers and the payers.
• When to FileForm No. 121 is applicable for tax years beginning on or after April 1, 2026 (i.e., from Tax Year 2026-27 onwards).You should file Form 121 with the person responsible for paying your income (the deductor) before the tax is deducted at source—meaning before the income is paid or credited to your account.By submitting this written declaration, you are instructing the payer not to deduct TDS because your estimated total income for the tax year will be nil.Once you submit the form to the payer, it is the payer’s responsibility to deliver a copy of your declaration to the Income Tax Department on or before the 7th day of the month following the month in which you provided the form to them.for
• Eligibility criteria to file 121
  • For Non-Senior Citizens (Below 60 years): They must satisfy two conditions. Their estimated final tax liability for the year must be nil, AND their total estimated income for the year must not exceed the basic exemption limit (the maximum amount not chargeable to tax)
  • For Senior Citizens (60 years and above): They are exempted from the basic exemption limit condition. A senior citizen can successfully submit Form 121 as long as the final tax on their estimated total income for the tax year will be nil, even if their gross income crosses the basic exemption limit
• when can File form 121 :  Under the Income-tax Act, 2025, Form No. 121 is a single unified self-declaration form that merges and replaces the old Form 15G and Form 15H. It is used by eligible taxpayers to request a payer (such as a bank or financial institution) not to deduct Tax Deducted at Source (TDS) because their estimated tax on total income for the year will be zero.Here are examples of individuals who can file Form 121 based on their age:1. Example of a person less than 60 years of age (Previously eligible for Form 15G) Mr. Sharma is a 45-year-old resident individual. He earns an annual income of ₹2,50,000 from his freelance work and expects to earn ₹1,00,000 as interest from his bank fixed deposits. His total estimated income for the year is ₹3,50,000. Because his total income falls below the basic taxable limit, his estimated tax liability for the year will be nil. Mr. Sharma can submit Form 121 to his bank, instructing them not to deduct TDS on his fixed deposit interest.2. Example of a person aged 60 years or above (Previously eligible for Form 15H) Mrs. Gupta is a 68-year-old resident senior citizen. She earns a family pension and interest from her savings, bringing her total estimated income for the tax year to ₹8,00,000. Under the New Tax Regime, resident individuals with a total income not exceeding ₹12,00,000 are entitled to a 100% tax rebate under Section 156 (capped at ₹60,000), making her final tax liability entirely nil. Since her estimated tax on her total income will be nil, Mrs. Gupta can submit Form 121 to her bank to ensure no TDS is deducted from her interest payouts.In both cases, the unified Form 121 eliminates the confusion of choosing between age-specific forms, as it applies to all eligible declarants regardless of their age. 

Form 121 Income Tax pdf download

Download Form 121 in PDF Click here to download form

Word Format Form 121 Income Tax word format Download

Refer Form 121 Income Tax word format Download

How to fill form 121,

How to Fill each Row of Form 121 refer How to fill form 121 Income Tax Act 2025

How to Submit the Form 121

Here is the process for submitting Form 121 (the single unified declaration form for no TDS under Section 393(6) of the new Act):

Modes of Submission: You can fill out and furnish Form 121 to your deductor (the person paying your income) using either of the following two methods:

1. Electronically: You can submit it in an electronic format through a facility made available by the Director General of Income-tax (Systems), which will require proper digital verification.
2. Paper Format: You can manually fill out and submit the physical paper form.

Key Things to Remember When Filing:

• No Age Confusion: You do not need to check your age to decide which form to fill. Form 121 is a single unified form that replaces both the old Form 15G and Form 15H, meaning it applies to all eligible declarants regardless of their age.
• After Submission: Once you fill out and submit Form 121, the person responsible for paying your income will allocate a unique identification number to your declaration for that financial quarter.

(Note: If you need to know the exact fields—such as PAN, estimated income, etc.— it is a self-declaration, it will require your basic identification and an estimation showing that your tax liability for the year is nil.)

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