The Indian government has introduced Form 121, which consolidates the previously separate Forms 15G and 15H into a single form under the Income Tax Rules, 2026. This change aims to simplify the TDS (Tax Deducted at Source) filing process for individuals and senior citizens who wish to avoid tax deductions on certain incomes, such as bank interest, when their total income remains below the taxable limit. Form 121 serves as a self-declaration that allows eligible taxpayers, including individuals and Hindu Undivided Families (HUFs), to submit necessary details to ensure no TDS is deducted.

The new form requires essential documents such as the PAN of the declarant, proof of age, and details of income or investment. Notably, companies and firms, as well as non-residents, are not eligible to file Form 121. The revised form enhances user experience with features like auto-population of details, real-time validations, and a streamlined structure that removes redundant columns. Taxpayers must submit their declarations before income is credited, and payers are required to report these declarations to the Income-tax Department monthly. Overall, Form 121 simplifies the TDS filing process while ensuring compliance with tax regulations.