How to file Form 121 to save tax | Form 15G/15H removed from 1 April 2026

Описание: 📢 Major Income Tax Update Effective from 1 April 2026!

Government has introduced a BIG compliance change under the new Income Tax Rules.

✅ Form 15G and Form 15H are now removed
✅ A single new Form 121 will replace both declarations.

Earlier taxpayers used:

Form 15G (Non-Senior Citizens)

Form 15H (Senior Citizens)

Now both are replaced by Form 121, simplifying TDS declaration procedures for taxpayers whose total tax liability is NIL.

As per new rules effective FY 2026-27, taxpayers must submit Form 121 to avoid TDS deduction on:

✔ Bank FD Interest
✔ Dividend Income
✔ Rent Income
✔ Other eligible payments

The new form removes age-based classification and introduces a simplified PAN-based declaration system.

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