What changed
From Tax Year 2026-27, a single Form 121 replaces Forms 15G and 15H as the declaration for receiving interest, dividends and similar income without TDS. It can be given only where the tax on the declarant's estimated total income is nil after the rebate for the chosen regime and, for those below 60, the income covered by the declaration is also within the basic exemption limit.
Who is affected
Individuals, including senior citizens, with interest or dividend income below the taxable level.
Source
Income-tax Rules, 2026; Income Tax Department Form 121 page. The notification text is on the CBDT website.
Effective: Tax Year 2026-27 · Note published · Last reviewed 26 September 2026
Related on this site
- Form 15G / 15H (Form 121) checker
- Income Tax Act 2025 section finder
- Income tax return filing
- Income tax tools
- Compliance calendar
This note summarises a public notification for general information. It is not professional advice and does not cover every condition or exception, and the rule can change again by a later notification. Read the notification itself before acting on it, or contact the firm with a question on your own facts.