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.

Realted Post

How to do PAN correction after 1st April 2026 as per New Income Tax Rules 2026

for more refer income tax website click here

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