Form 15H Ends – Form 121 Begins

[Jambunathan Iyer]

Tax Rules 2026 Update

Form 15H Ends – Form 121 Begins

 

From April 1, 2026, the age-based Form 15H (used by senior citizens to avoid TDS) is discontinued.
A new unified declaration – Form 121 – replaces both Form 15G & 15H.
Applicable to all taxpayers, regardless of age, if their tax liability is zero.

 

Key Highlights

·         One form for all: Simplifies compliance.

·         Covers wider incomes: Interest, dividends, rent, insurance payouts, EPF withdrawals, mutual funds.

·         Linked with PAN via a 26-character UIN for transparency.

·         Banks will track & report quarterly.

Points to Note

·         File early (ideally in April) to avoid TDS deductions.

·         Ensure PAN is active & correct.

·         Misreporting income can invite penalties.

 

Form 15H is gone, but the benefit remains—just under a new streamlined system.
Timely filing of Form 121 = uninterrupted income without tax deductions.

N Jambunathan , Chennai
" What you get by achieving your goals is not as important as what you become by achieving your goals. If you want to live a happy life, tie it to a goal, not to people or things "