Form 121 (old Form 15G / 15H): Nil TDS Declaration

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.

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).