What is Form 121 and why has it replaced Form 15G/15H?

Form 121 is a unified declaration form under the Income-tax Act, 2025, which replaces the previously used Form 15G (for individuals below 60 years) and Form 15H (for senior citizens). It allows individuals to declare that their total income for the year is NIL, preventing TDS from being deducted on their EPF withdrawals or other qualifying incomes.

Can I use Form 121 for all types of EPF withdrawals?

Yes, Form 121 applies to all types of EPF withdrawals (partial or full) before completing 5 years of service, pension payouts, and interest earnings.

Who is eligible to file Form 121?

Form 121 can be filed by:Resident individuals, both below and above 60 yearsHUFs (Hindu Undivided Families)Other specified entities with NIL tax liabilityHowever, NRIs and companies are not eligible to file Form 121.

What happens if I don’t submit Form 121?

If you don’t submit Form 121, TDS will be deducted from your EPF withdrawal. You can claim this TDS back when you file your Income Tax Return (ITR), but it may cause delays in getting the money and a more complicated process.

Is PAN mandatory for Form 121?

Yes, PAN is mandatory for submitting Form 121. Without a valid PAN, your declaration will be treated as invalid, and TDS will be deducted at the applicable rate.

Form 121 Replaces 15G/15H for EPF Withdrawals

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