Mon Apr 06 15:10:00 UTC 2026: ### Headline: India Consolidates Tax Declaration Forms: Form 15G and 15H Replaced by Form 121 Effective April 1, 2026

The Story:

Effective April 1, 2026, the Indian government has replaced Forms 15G and 15H with a new consolidated form, “Form 121,” according to the 2025 Income Tax Act. This change aims to streamline the process for individuals seeking exemptions from Tax Deducted at Source (TDS) on fixed deposit interest and other income. Form 121 serves as an official declaration to financial institutions that an individual’s income is below the taxable limit, thus preventing TDS deductions. Many are still unaware of this significant shift in tax regulations.

Key Points:

  • Forms 15G and 15H are discontinued starting April 1, 2026.
  • Form 121 is introduced as the single replacement for both discontinued forms.
  • Form 121 is used to declare that an individual’s income is below the taxable limit to avoid TDS deductions.
  • The change is mandated by the 2025 Income Tax Act, specifically Section 393(6), and is implemented under Rule 211(1) of the Income Tax Rules, 2026.
  • Form 15G was previously used by individuals under 60 years of age, while Form 15H was used by senior citizens aged 60 and above.

Key Takeaways:

  • The Indian government is simplifying tax declaration processes by consolidating forms.
  • Individuals who previously used Forms 15G and 15H must now use Form 121 to avoid TDS deductions.
  • Awareness campaigns are needed to educate the public about this change in tax regulations.
  • The 2025 Income Tax Act is the legal basis for this new form.
  • Financial institutions must adapt to the new form and update their procedures accordingly.

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