Example on how to fill form 121 income tax if person has fd Interest income Rs 500000 and pension Income Rs 300000  earned during tax year 2026-27 (from 1st April 2026 to 31st March 2027) and age above 60 years

Video Explanation of How to fill form 121 Income Tax Act 2025

To claim a TDS exemption on your Fixed Deposit interest, you will need to submit the newly introduced Form No. 121. Download Form 121 Income Tax pdf download (Earlier Form 15G/ 15H) New Income Tax Rules 2026

Here is how your specific scenario works under the new Income-tax Act, 2025:

1. Determine Your Eligibility (Tax Liability must be Nil) To be eligible to submit Form 121, the tax on your estimated total income for the year must be zero.

• Your total gross income is ₹8,00,000 (₹5,00,000 from FD interest + ₹3,00,000 from pension).
• Under the new tax regime, as a pensioner, you are entitled to a higher standard deduction of ₹75,000 on your pension income.
• Furthermore, resident individuals whose total income does not exceed ₹12,00,000 are entitled to a 100% tax rebate under Section 156 (capped at ₹60,000), which effectively makes your income tax-free.
• Since your income is well below the ₹12 lakh threshold, your estimated tax liability is nil, making you perfectly eligible to file the declaration.

2. Use the Unified Form No. 121 You no longer need to worry about choosing between the old Form 15G or Form 15H based on your age. The new framework merges both into a single unified Form No. 121, which applies to all eligible declarants regardless of age, completely eliminating any previous ambiguity.

Calculation for Estimated Total Income (Column 13)

In your specific case, with ₹3,00,000 in pension and ₹5,00,000 in FD interest, the calculation under the new tax regime is as follows:

• Gross Pension Income: ₹3,00,000

• Less: Standard Deduction: ₹75,000

• Net Taxable Pension: ₹2,25,000

• Add: FD Interest Income: ₹5,00,000

• Estimated Total Income (to be entered): ₹7,25,000

How to fill form 121 Income Tax Act 2025 / Form 121 fill up sample

Example on How to fill form 121 Income Tax Act 2025 if age is 60 years or above and person is resident in india

FORM NO. 121

[See rule 211] Declaration under section 393(6) for receipt of certain incomes without deduction of tax

PART A

(To be filled by the declarant)

Calculation Reference (For Column 13)

• Gross Pension: ₹ 3,00,000
• Less: Standard Deduction: (-) ₹ 75,000
• Add: FD Interest: (+) ₹ 5,00,000
• Net Estimated Total Income: ₹ 7,25,000

14. Details of ITR filed for previous two tax years

DECLARATION

I, [Name], having Permanent Account Number [PAN], do hereby declare that:

i) To the best of my knowledge and belief what is stated above is correct, complete and truly stated.

ii) the incomes referred to in this form are not includible in the total income of any other person under
sections 96 to 99

iii) tax on my estimated total income as referred to in column 13 of Part A (including the income referred
to in column 12 of Part A) for tax year… will be nil.

iv) my income as referred to in column 12 of Part A does not exceed the maximum amount not chargeable
to tax for tax year….. (not to be applicable in case of resident individual of age of sixty years or more
at any time during the tax year) (not applicable as I am 60+).

v) n case this declaration is found to be false, I shall be liable to prosecution/penalty under the Act.

Place:  [Enter your Place]

Date: [Current Date]

Signature of the Declarant: ____________________

3. Submission Process

• Where to submit: You must submit Form 121 directly as a self-declaration to your payer, which in this case is the bank or financial institution where you hold your Fixed Deposit.
• What it does: By filling out and submitting this form, you are providing a written declaration to the bank that the tax on your estimated total income for the tax year will be nil. Consequently, the bank will not deduct any Tax Deducted at Source (TDS) on your ₹5,00,000 FD interest.

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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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