New Delhi: The Income Tax Department will be implementing a major change in tax rules, i.e, From April 1, 2026, Form 15G and Form 15H will be discontinued. With the Income Tax Act, 2025, coming to ...

Consequences of non-filing: There is no statutory penalty merely for not filing Form 121. However, non-submission may lead to ...

Form 121 is a unified tax declaration form used by EPF members to claim exemption from TDS on withdrawals exceeding Rs 50,000 ...

EPFO update: Form 121 replaces 15G and 15H - What EPF members must know about new TDS rules (AI-generated image) In a significant compliance change aligned with the new tax regime, the Employees ...

The government has overhauled the tax deducted at source (TDS) declaration framework by introducing Form 121, which replaces ...

For senior citizens, this marks a key change. Earlier, Form 15H allowed those aged 60+ to declare nil tax liability and avoid TDS. Now, Form 121 replaces both Forms 15H and 15G, removing the age-based ...

Taxpayers who earlier used Form 15G (below 60 years) and Form 15H (senior citizens) will now submit a single, unified Form 121. EPFO said the form is optional and meant for eligible individuals with ...

Under the new framework, Form 121 serves as a unified self-declaration for individuals seeking exemption from tax deducted at source (TDS).

People turning 60 at any point during the financial year can now claim senior citizen benefits for the full year while filing ...

The declarant, who is a resident, must ensure that their expected final tax liability for the year is NIL and duly fill all the rows in Part A of the Form No.121 and sign it.

Proving Permanent Account Number is now mandatory for key post office transactions, with new forms introduced for TDS ...

Under the new framework, Form 121 serves as a unified self-declaration for individuals seeking exemption from tax deducted at source (TDS). The Uttar Pradesh government has set up a three-member ...