{"id":9982,"date":"2026-04-23T12:58:48","date_gmt":"2026-04-23T12:58:48","guid":{"rendered":"https:\/\/www.biddeasy.com\/blog\/?p=9982"},"modified":"2026-04-23T13:26:46","modified_gmt":"2026-04-23T13:26:46","slug":"step-by-step-guide-how-to-fill-form-121","status":"publish","type":"post","link":"https:\/\/www.biddeasy.com\/blog\/step-by-step-guide-how-to-fill-form-121\/","title":{"rendered":"Step by Step Guide: How to Fill Form 121"},"content":{"rendered":"

If you earn interest from bonds, fixed deposits, or savings accounts, you\u2019ve probably come across Forms 15G and 15H.<\/span><\/p>\n

From FY 2026\u201327, those are no longer used.<\/span><\/p>\n

The Central Board of Direct Taxes has introduced <\/span>Form 121, <\/b>a single form that replaces both.<\/span><\/p>\n

At first, it might look like just another tax form.<\/span><\/p>\n

But once you understand what it\u2019s asking, it\u2019s actually quite straightforward.<\/span><\/p>\n

What is Form 121?<\/b><\/h2>\n

Form 121 is a <\/span>self-declaration<\/b> you give to the payer (bank, NBFC, or bond issuer).<\/span><\/p>\n

It simply says:<\/span><\/p>\n

\u201cBased on my estimated income this year, my tax liability is expected to be NIL.\u201d<\/span><\/p>\n

If you\u2019re eligible, this allows you to <\/span>request non-deduction of TDS<\/b> on certain income, like interest.<\/span><\/p>\n

Who can use Form 121?<\/b><\/h2>\n

You may be eligible if:<\/span><\/p>\n

    \n
  • You are a <\/span>Resident Individual or HUF<\/b><\/li>\n
  • Your <\/span>estimated total tax liability is NIL<\/b> (after deductions\/rebate, if applicable)<\/span><\/li>\n<\/ul>\n


    \n<\/span> Non-residents cannot use this form.<\/span><\/p>\n

    \ud83d\udc49 Also important:<\/span>
    \n<\/span>Form 121 does <\/span>not<\/b> reduce your tax. It only helps avoid upfront TDS, if applicable.<\/span><\/p>\n

    How is the form structured?<\/b><\/h2>\n

    Form 121 has two parts:<\/span><\/p>\n

      \n
    • Part A<\/b> \u2192 Filled by you<\/span><\/li>\n
    • Part B<\/b> \u2192 Filled by the payer and reported to the tax department<\/span><\/li>\n<\/ul>\n

      As an investor, you only need to fill <\/span>Part A<\/b>.<\/span><\/p>\n

      Let\u2019s fill Part A<\/b><\/h2>\n

      Part A has two sections:<\/span><\/p>\n

      1. Your details<\/b><\/h3>\n

      This is basic information:<\/span><\/p>\n

        \n
      • Name (as per PAN)<\/span><\/li>\n
      • PAN (mandatory)<\/span><\/li>\n
      • Address<\/span><\/li>\n
      • Email and mobile number<\/span><\/li>\n
      • Status (Individual\/HUF)<\/span><\/li>\n
      • Residential status (Resident)<\/span><\/li>\n
      • Age (above or below 60)<\/span><\/li>\n
      • Tax year (2026\u201327)<\/span><\/li>\n<\/ul>\n

        Nothing complicated here\u2014just make sure everything matches your records.<\/span><\/p>\n

        2. Your income details<\/b><\/h3>\n

        This is the important part.<\/span><\/p>\n

        Nature of income<\/b><\/h4>\n

        Usually: <\/span>Interest income<\/b> (FDs, bonds, etc.)<\/span><\/p>\n

        Income from this payer<\/b><\/h4>\n

        Enter the <\/span>income you expect from this specific issuer<\/b> during the year.<\/span><\/p>\n

        Other Form 121 submissions<\/b><\/h4>\n

        If you\u2019ve already submitted Form 121 elsewhere:<\/span><\/p>\n

          \n
        • Mention how many times<\/span><\/li>\n
        • Mention the total income declared earlier<\/span><\/li>\n<\/ul>\n

          Total declared income<\/b><\/h4>\n

          Add:<\/span><\/p>\n

            \n
          • Income from this payer<\/span><\/li>\n
          • Income declared in other forms<\/span><\/li>\n<\/ul>\n

            Estimated total income (key field)<\/b><\/h4>\n

            This includes <\/span>everything<\/b>:<\/span><\/p>\n

              \n
            • Salary<\/span><\/li>\n
            • Interest (all sources)<\/span><\/li>\n
            • Rental income<\/span><\/li>\n
            • Any other income<\/span><\/li>\n<\/ul>\n

              \ud83d\udc49 The key condition:<\/span><\/p>\n

              Your final tax liability should be <\/span>NIL<\/b> under the Income Tax Act 1961.<\/span><\/p>\n

              ITR details (last 2 years)<\/b><\/h4>\n

              You\u2019ll need:<\/span><\/p>\n

                \n
              • Tax year<\/span><\/li>\n
              • ITR acknowledgement number<\/span><\/li>\n
              • Taxable income<\/span><\/li>\n<\/ul>\n

                If not filed, mention \u201cNot Applicable\u201d.<\/span><\/p>\n

                Final step: Declaration<\/b><\/h2>\n

                Before submitting, you confirm:<\/span><\/p>\n

                  \n
                • The details are correct<\/span><\/li>\n
                • Your tax liability is expected to be NIL<\/span><\/li>\n
                • You understand the consequences of incorrect declaration<\/span><\/li>\n<\/ul>\n

                  Then add:<\/span><\/p>\n

                    \n
                  • Place<\/span><\/li>\n
                  • Date<\/span><\/li>\n
                  • Signature<\/span><\/li>\n<\/ul>\n

                    A quick example<\/b><\/h2>\n

                    Let\u2019s say:<\/span><\/p>\n

                      \n
                    • Salary: \u20b92.2 lakh<\/span><\/li>\n
                    • Interest income: \u20b940,000<\/span><\/li>\n<\/ul>\n

                      Total income = \u20b92.6 lakh<\/span><\/p>\n

                      After rebate, tax liability = NIL<\/span><\/p>\n

                      \ud83d\udc49 In such a case, you are eligible to submit Form 121.<\/span><\/p>\n

                      Things to keep in mind<\/b><\/h2>\n
                        \n
                      • Submit Form 121 <\/span>separately to each payer<\/b><\/li>\n
                      • Acceptance is subject to verification by the payer<\/span><\/li>\n
                      • Incorrect details may lead to TDS deduction or further action<\/span><\/li>\n<\/ul>\n

                        One simple way to think about it<\/b><\/h2>\n

                        Form 121 doesn\u2019t save tax.<\/span><\/p>\n

                        It simply tells the payer:<\/span><\/p>\n

                        \u201cI don\u2019t expect to owe tax this year, so TDS may not be required.\u201d<\/span><\/p>\n

                        Sources<\/b><\/h2>\n
                          \n
                        • Central Board of Direct Taxes<\/span><\/li>\n
                        • Income Tax Department of India<\/span><\/li>\n
                        • Income Tax Act, 1961<\/span><\/li>\n<\/ul>\n

                           <\/p>\n","protected":false},"excerpt":{"rendered":"

                          If you earn interest from bonds, fixed deposits, or savings accounts, you\u2019ve probably come across Forms 15G and 15H. From FY 2026\u201327, those are no longer used. The Central Board of Direct Taxes has introduced Form 121, a single form that replaces both. At first, it might look like just another tax form. But once […]<\/p>\n","protected":false},"author":7,"featured_media":9983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[31,4,9],"tags":[],"class_list":["post-9982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-personal-finance","category-taxation"],"yoast_head":"\nStep by Step Guide: How to Fill Form 121 - Bidd Easy -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.biddeasy.com\/blog\/step-by-step-guide-how-to-fill-form-121\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Step by Step Guide: How to Fill Form 121 - Bidd Easy -\" \/>\n<meta property=\"og:description\" content=\"If you earn interest from bonds, fixed deposits, or savings accounts, you\u2019ve probably come across Forms 15G and 15H. 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