Effective April 1, 2026, the Income-tax Act, 2025 has introduced significant changes to the declaration of income without tax deduction. The Employees' Provident Fund Organisation (EPFO) has issued guidelines regarding the mandatory transition from the old Form 15G/15H to the new Consolidated Form 121.

What is Form 121?

Form 121 is a self-declaration furnished by taxpayers to ensure that tax is not deducted at source (TDS) when their estimated total income for the tax year is NIL. It has completely replaced the erstwhile Form 15G and Form 15H.

Eligibility Criteria

• Eligible: Resident individuals (both below and above 60 years), Hindu Undivided Families (HUFs), and other specified entities.
• Ineligible: Companies, firms, and non-residents are not permitted to use this form.
• Conditions: The declarant's expected final tax liability for the year must be NIL.

Guidelines for Regional Offices (Payers)

Regional Offices acting as payers are responsible for the following compliance measures:

• UIN Allotment: Every Form 121 received must be allotted a Unique Identification Number (UIN) consisting of a sequence number, tax year, and the payer's TAN.
• Monthly Reporting: A consolidated statement of all Forms 121 received must be uploaded to the IT Department's e-filing portal by the 7th of the following month.
• Quarterly Returns: Payer must quote these UINs in the Quarterly TDS Return in Form No. 140.

Important Deadlines and Compliance

Declarants should submit Form 121 to the payer before the scheduled transaction date or at the start of the tax year to avoid TDS. Failure to comply with UIN requirements or incorrect reporting may lead to penalties under the new IT Act.

Download Official Circular (PDF)