The government has introduced a form called Form 121 to make it easier for people to follow the tax rules. Form 121 is a replacement for the Forms 15G and 15H. This change is good for individuals and ...

Consequences of non-filing: There is no statutory penalty merely for not filing Form 121. However, non-submission may lead to ...

The Income Tax Act, 2025, has come into force from 1 April 2026. One of the objectives of the new Act is to provide a streamlined, simplified tax code with reduced compliance and consolidated ...

EPFO update: Form 121 replaces 15G and 15H - What EPF members must know about new TDS rules (AI-generated image) In a significant compliance change aligned with the new tax regime, the Employees ...

Taxpayers who earlier used Form 15G (below 60 years) and Form 15H (senior citizens) will now submit a single, unified Form 121. EPFO said the form is optional and meant for eligible individuals with ...

New income tax reforms has taken effect on April 1, 2026. The Income Tax Department has introduced sweepingchanges to the ...

The Income Tax Act, 2025 replaces the 1961 law with fewer sections and forms, introduces a single Form 121 for TDS declarations, expands Form 26AS into a wider financial statement, and lowers TCS on ...

Tax rules 2026: In a major shift in tax compliance rules, Form 15H, long used by senior citizens to avoid TDS, has now been discontinued. Starting April 1, 2026, it has been replaced by a new, unified ...

Under the new framework, Form 121 serves as a unified self-declaration for individuals seeking exemption from tax deducted at source (TDS).

New Tax Rule From April 2026: Form 121 replaces Forms 15G and 15H from April 2026, allowing eligible taxpayers to avoid TDS through a single declaration. Filing it early for FY 2026–27 is key to ...

Senior citizens who are earning income below the basic exemption limit will no longer use Form 15H to avoid tax deducted at source (TDS). Under the Income-tax Rules 2026, this form has been replaced ...