Answer

1. F

   Facts

   Senior citizens and individuals with income below exemption limit can submit self-declarations to prevent TDS deduction on FD interest, PF withdrawals, and other specified income.

2. P

   Provisions and law

   • Sec 393(6) (old 197A)
   • Rule 211 (old Rule 29C)
   • Sec 277
3. A

   Analysis

   Form 121 (old Form 15G; individuals below 60): Can submit if (1) Income from that source is below ₹2.5L AND (2) Total estimated income for the year does not exceed basic exemption. Both conditions must be satisfied. One bank FD = one Form 121 (old Form 15G). Multiple FDs = one Form 121 (old Form 15G) covers all at that bank. Form 121 (old Form 15H; senior citizens 60+): Simpler condition, only that tax on total income is nil. Even if income exceeds ₹3L (senior citizen limit), if deductions and rebates bring tax to nil, Form 121 (old Form 15H) can be submitted. Where Form 121 (old Form 15G/15H) applies: Bank FD interest (Sec 393, Income-tax Act 2025, old Sec 194A), EPF withdrawal below 5 years (192A, amount above ₹50K), maturity proceeds of insurance (Sec 393, old Sec 194DA), NSS interest, post office FD, rent (Sec 393, old Sec 194I), dividends (194, threshold ₹5,000 per company). Deductor's duty: Bank/company cannot accept verbal request, must get the form. Must file quarterly statement to IT department. Must not deduct TDS after receiving valid Form 121 (old Form 15G/15H).

4. C

   Conclusion

   1. 1Estimate TOTAL income for the financial year from ALL sources
   2. 2For Form 121 (old Form 15G): Confirm total income will be below ₹2.5L (₹3L senior) AND no tax liability
   3. 3For Form 121 (old Form 15H): Confirm no tax will be payable even if income exceeds basic exemption (deductions make tax nil)
   4. 4Submit Form 121 (old Form 15G/15H) to bank/company before first interest credit of the year (April if possible)
   5. 5Submit separately at each bank where you have FDs
   6. 6Collect acknowledgement from bank

General guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.