How to submit Form 15G/15H?

This document covers

1. What are Form 121 of IT Act 2025 (Form 15G and 15H of IT Act 1961) ?
2. Persons required to submit Form 121 (a.k.a Form 15G/15H)
3. Where to submit Form 121 (a.k.a Form 15G/15H) ?
4. Details required for Form 121 (a.k.a Form 15G/15H)
5. Validity of Form 121 (a.k.a Form 15G/15H)
6. Can I file Form 121 (a.k.a Form 15G/15H) to banks if my overall income exceeds 2.5 lakhs and my interest income is less?

1. What are Form 121 (a.k.a Form 15G and 15H) ?

• Form 121 (a.k.a Form 15G and 15H) are self-declaration forms that a Resident individuals submit to the bank or financial institutions for non-deduction of TDS.
• Form 121 (a.k.a Form 15G and 15H) are required to be submitted only if the resident individual’s income is less than basic exemption limit.

2. Persons required to submit Form 121 (a.k.a Form 15G/15H)

• Form 121 (a.k.a Form 15G) is required to be submitted by the Resident individuals whose age is less than 60 years.
• Form 121 (a.k.a Form 15H) is required to be submitted by the Resident individuals whose age is 60 years or more than 60 years i.e., Senior Citizens

3. Where to submit Form 121 (a.k.a Form 15G/15H) ?

Form 121 (a.k.a Form 15G/15H) is required to submitted at the following places.

• Banks
• Employee Provident Fund Organisation (EPFO) at the time of premature withdrawal of PF
• Post office
• Insurance Companies
• Bonds or debentures issuing companies.

4. Details required for Form 121 (a.k.a Form 15G/15H)

The following details are required in Form 121 (a.k.a Form 15G/15H)

1. Name of the Applicant
2. PAN and status of the Applicant
3. Address, Email id and Mobile No of the Applicant
4. Residential Status
5. Estimated income for which the declaration is made
6. Estimated total income of the financial year in which above income is included
7. Details of income for which declaration is made like nature of income, Amount of income, section under which TDS is deducted
8. Whether assessed to tax or not

5. Validity of Form 121 (a.k.a Form 15G/15H)

Form 121 (a.k.a Form 15G/15H) Submitted to the banks or financial institutions will be valid for 1 year

6. Can I file Form 121 (a.k.a Form 15G/15H) to banks if my overall income exceeds 2.5 lakhs and my interest income is less?

No, you cannot submit Form 121 (a.k.a Form 15G/15H) if your total income is more than 2.5 lakhs under Old Tax Regime ( Rs 3 lakhs until FY 2024-25 (Rs 4 lakhs w.e.f FY 2025-26) under New Tax Regime ) irrespective of the interest income.