For senior citizens, this marks a key change. Earlier, Form 15H allowed those aged 60+ to declare nil tax liability and avoid TDS. Now, Form 121 replaces both Forms 15H and 15G, removing the age-based ...

In a major move to simplify tax compliance, the Income Tax Department has introduced a new declaration system starting April 1, 2026. The widely used Form 15G and Form 15H have been discontinued, and ...

Ideally, these forms should be submitted before the start of the financial year for which TDS is to be deducted or before the first income payment which is subject to TDS. (Image: Reuters) Question: ...

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 ...

If you are meant to receive an interest income from a bank and your total annual income is likely to stay lower than the minimum threshold that qualifies for tax liability then you must intimate the ...

If you invest in certain instruments like bank fixed deposit, recurring deposit and corporate deposit, the interest you earn is taxed. Banks and post offices will deduct TDS (Tax deducted at source) ...

TDS is the process of collecting tax as and when the income is generated. It streamlines the process of collecting taxes for the tax department. TDS is applicable on several incomes such as salary, ...

India’s new Income Tax Act 2025 has replaced Forms 15G and 15H with a single Form 121 for TDS exemption, effective April 1, 2026. The unified form simplifies compliance, applies to all eligible ...

Form 15g/15h for PF withdrawal works like a declaration that one is having an annual income of less than Rs 2.5 lakh. Form 15g/15h for PF withdrawal is required when the PF account is less than five ...