Form 15G and 15H are now one form, Form 121: who can submit it to stop TDS on FD interest (Tax Year 2026-27)
Under the Income-tax Act, 2025, Form 15G and Form 15H are merged into one form, Form No. 121. Use it for Tax Year 2026-27 (April 2026 – March 2027) onwards. You give it to your bank, post office or other payer to ask them not to deduct TDS on interest, but only if your tax for the whole year will be nil. Who can file is unchanged: a resident individual below 60 (the old 15G group) or 60 or older (the old 15H group). Companies and firms cannot. The department now gives one UIN per PAN per year that links all your declarations.
Key facts Last verified: 9 Oct 2026
| Item | Details | Source |
|---|---|---|
| New form | Form No. 121 (Income Tax Rules, 2026) for tax years beginning on or after 1 April 2026; replaces Form 15G and 15H | Income Tax Dept — Income Tax Forms FAQ |
| Law | Section 393(6) of the Income-tax Act, 2025 (was section 197A of the 1961 Act) | Income Tax Dept — Income Tax Forms FAQ |
| Condition | Tax on your estimated total income for the tax year will be nil | Income Tax Dept — Income Tax Forms FAQ |
| Who | Resident individuals below 60 and other eligible persons (not companies or firms), and residents aged 60+; eligibility unchanged | Income Tax Dept — Income Tax Forms FAQ |
| UIN | One UIN per PAN per tax year, allotted by the department and shared across all payers | Income Tax Dept — Income Tax Forms FAQ |
| Tax payable but low? | Apply for a lower/nil TDS certificate in Form No. 128 (section 395(1)) | Income Tax Dept — Income Tax Forms FAQ |
Shantabai, 67, lives in Satara on interest from fixed deposits and a small pension. Her total income is well below the taxable limit, but her bank still deducts TDS from her FD interest every year, and she has to claim it back in her return. Giving the bank a declaration at the start of the year stops that. From April 2026, that declaration is Form 121, not Form 15H.
What changed in 2026
| Up to March 2026 (FY 2025-26) | From April 2026 (Tax Year 2026-27) | |
|---|---|---|
| Form | 15G (below 60) or 15H (60+) | One form: Form No. 121 |
| Law | Section 197A, Income-tax Act 1961 | Section 393(6), Income-tax Act 2025 |
| UIN | Each bank made a separate UIN for every form | One UIN per PAN per tax year, from the department |
| Who can file | Unchanged | Unchanged |
Interest you earned up to 31 March 2026 stays under the old Act, so 15G/15H applied to it. For interest from 1 April 2026, use Form 121. See Tax Year explained.
Can you file Form 121? Quick check
- You are a resident individual (or another eligible person that is not a company or firm)
- Your estimated tax for the whole tax year is nil, after counting all income (pension, interest from all banks, rent, everything) and the rebate and deductions you are allowed
- You have a valid, operative PAN (linked with Aadhaar). See PAN inoperative
If you will pay some tax but less than the TDS being cut, Form 121 is not for you. Instead, apply for a lower or nil TDS certificate (Form No. 128), or simply claim the extra TDS back as a refund in your return.
Don't sign Form 121 just to avoid TDS. It is a declaration that your tax for the year is nil. If your income turns out to be taxable, you will still owe the tax, with interest. Use the income tax calculator to check first.
How to submit it
- Work out your year's income from all sources and confirm the tax is nil.
- Submit Form 121 to each payer separately: every bank, post office or company paying you interest or dividend. Many banks accept it through net banking or at the branch.
- Do it early in the year (April), before the first interest is credited. TDS already deducted is not reversed by a later declaration.
- Keep the acknowledgement. The department links all your declarations for the year to one UIN for your PAN.
- Repeat every tax year. The declaration covers one tax year only.
TDS already deducted?
No problem. It isn't lost. It shows in your Form 26AS / AIS (for Tax Year 2026-27, in Form No. 168), and you get it back as a refund when you file your return. If it doesn't show, see TDS not showing in 26AS/AIS.
Withdrawing PF? A no-TDS declaration can also be given with a PF claim when your income is below the taxable limit. Use the form the EPFO claim screen asks for. See TDS on PF withdrawal.
Frequently asked questions
What is the new form number for Form 15G and 15H?
From Tax Year 2026-27, both are replaced by a single form, Form No. 121, under section 393(6) of the Income-tax Act, 2025.
Who can submit Form 121?
A resident individual (and other eligible persons that are not companies or firms) whose tax on the estimated total income for the year is nil. Residents aged 60 or more use the same form.
Is there still a separate Form 15H for senior citizens?
No, not for Tax Year 2026-27 onwards. Senior citizens also use Form 121. Eligibility has not changed.
Can I submit Form 121 if my income is taxable?
No. It is only for people whose tax for the year is nil. If you pay some tax, apply for a lower/nil TDS certificate (Form 128) or claim a refund in your return.
Do I need to give Form 121 to every bank?
Yes, to each payer separately, every tax year, ideally before the first interest is credited.
Official links
Use only these government websites. HumainOne is not connected to any of them.
- Income Tax Forms FAQ (Income-tax Act, 2025)Form 121, Form 128, eligibility and UIN
- Income Tax e-FilingAIS / Form 168, refunds
- Income Tax helplinee-filing queries
Disclaimer: HumainOne is an independent information website. We are not affiliated with UIDAI, the Income Tax Department, EPFO, NPCI, the Election Commission, the Government of Maharashtra or any government body. We do not accept applications, documents or fees. Information is checked against official sources on the date shown but rules change — always confirm on the official website before acting. Calculators give estimates, not official figures, and this is not tax or legal advice.