Form 121 Submission (Formerly 15G/H)

Form 121 is a unified self-declaration form in India under the Income Tax Act that allows eligible resident taxpayers to declare that their estimated tax liability for the financial year is nil. By submitting it to the banks or instituitions, you can prevent them from deducting Tax Deducted at Source (TDS) on incomes like interest and dividends.

Submit Now

All You Need to Know About For 121

The form name was changed to simplify the tax declaration process and reduce confusion between multiple forms. Form 121 now serves as a unified declaration form for eligible taxpayers, helping make submissions more streamlined, standardised, and easier to process digitally. .

Form 121 is a declaration form that allows eligible individuals to submit details related to tax exemption or non-deduction of TDS on certain incomes, subject to applicable conditions and eligibility criteria. It is generally submitted by individuals/ senior citizens/ sole proprietorship & HUF whose total taxable income falls below the prescribed limit.

Individuals/ senior citizens/ sole proprietorship & HUF who meet the eligibility criteria prescribed under the Income Tax rules can submit Form 121. Before submitting the form, it is important to ensure that your estimated annual income and tax liability qualify for the declaration to avoid incorrect submissions.

Submitting Form 121 on time can help avoid unnecessary tax deductions on eligible incomes and ensure smoother financial and tax-related processes. It is advisable to review your income details carefully and keep the required documents ready before submission.

Who is Eligible to Submit Form 121?

You may be eligible to submit Form 121 if you meet the following conditions:

  • Resident Indian above 18 years of age.
  • Applying as an individual/ senior citizens/ sole proprietorship & HUF.
  • Debit Card, NetBanking, or Aadhaar details available for verification.
  • PAN is active and updated in bank records. If not, you can Update Your Bank Records.
  • PAN is linked with Aadhaar. If not, you can Link your PAN with Aadhaar.
  • Primary holder of the concerned FDs/RDs
  • Primary holder of the FDs/RDs for which Form 121 is being submitted.
  • You submit Form 121 for both active and closed FDs/RDs, wherever applicable.

Documents You Need While Submitting Form 121

Essential Documents

  • Your PAN card (mandatory): It must be updated in bank records.
  • Estimated interest income details from all sources (e.g. Fixed Deposits, Recurring Deposits etc.).

Additional Documents

  • Previous year’s income proof (if required or asked by bank)
  • Residential proof/ Address details (if not already updated in bank records)
  • Aadhaar (for verification and linkage)

How to Submit Form 121?

  • Step 1: Visit the HDFC Bank Website
  • Go to the HDFC Bank website and navigate to the ‘Need Help’ section. Click on ‘Digital Services’.
  • Step 2: Select Form 121 Service
  • Under Deposit Services, select the option ‘Form 121 (formerly 15G/H)’.
  • Step 3: Enter Your Registered Details
  • Enter your registered mobile number and verify your identity using your Date of Birth, PAN, or Customer ID.
  • Step 4: Verify with OTP
  • Enter the OTP sent to your registered mobile number and click on ‘Submit’.
  • Step 5: Select Customer ID
  • If multiple Customer IDs are linked to your mobile number, choose the Customer ID you wish to proceed with.
  • Step 6: Complete Identity Verification
  • Verify your identity using any one of the following methods:

     

    • Debit Card: Enter your Debit Card details
    • NetBanking: Enter your Customer ID and password
    • Aadhaar eKYC: Verify using OTP authentication
  • Step 7: Enter Income Details
  • You will be redirected to the Income Details page. Here, you will need to:

     

    • Confirm whether you have filed the forms earlier
    • Declare the income for which Form 121 has already been submitted during the financial year
    • Enter the estimated interest income from new or additional deposits
    • Enter your estimated other income
  • Based on your inputs, your total income will be displayed. You will also need to confirm whether you have filed Income Tax Returns during the previous two financial years.
  • Step 8: Review Your Details
  • Carefully review all the details entered before proceeding further.
  • Step 9: Accept Terms & Conditions
  • Accept the Terms & Conditions and click on ‘Submit’.
  • Step 10: Download the Acknowledgement
  • Once submitted successfully, you will receive a Service Request ID. You can then download the e-acknowledgement for future reference.

 

Frequently Asked Questions

Yes, Form 121 has replaced Forms 15G and 15H as a unified declaration form for eligible taxpayers. The change was introduced to simplify the tax exemption declaration process and make submissions more streamlined.

Eligible senior citizens can file Form 121 if they meet the prescribed income criteria. However, NRIs are generally not eligible to submit Form 121 for tax exemption on deposits held in India. 

No, submitting Form 121 is not mandatory. However, eligible individuals may choose to submit it to avoid TDS deduction on interest income if their total taxable income falls below the applicable limit. 

You can download the Form 121 PDF from the official bank website or the relevant tax-related services section, wherever the form download option is available. 

If Form 121 is submitted after the applicable timeline, TDS may already be deducted on eligible interest income. In such cases, the deducted amount may need to be claimed later while filing your Income Tax Return, subject to applicable tax rules. 

Submit Form 121

Fill Now