Form 121 for Senior Citizens (FY 2026–27): Complete & Easy Step-by-Step Guide
Starting April 2026, an important update has been introduced for senior citizens regarding TDS (Tax Deducted at Source). The widely used Form 15H has now been discontinued and replaced with a new declaration form — Form 121.
If you are a senior citizen and want to avoid extra TDS on your income, this guide can help. It covers things like FD interest and explains everything you need to know. It does this in a simple, step-by-step way.
What Has Changed?
- Old Form: Form 15H
- New Form (Effective April 2026): Form 121
- Applicable for senior citizens (60 years and above)
- Must be submitted to:
- Banks
- Post Offices
Key Things to Know Before Filling Form 121
- The form has two parts:
- Part A: To be filled by you (the applicant)
- Part B: Filled by bank/post office officials
You only need to fill Part A
Step-by-Step Guide to Fill Form 121 (Part A)
1. Basic Personal Details
Fill in your essential information:
- Full Name (as per PAN)
- Complete Address (including PIN code)
- PAN Number
2. Status & Residential Details
- Status: Write Individual
- Residential Status: Write Resident
- Senior Citizen: Select Yes
3. Contact Information
- Email ID
- Country Code: +91 (for India)
- Mobile Number: 10-digit number
4. Tax Year
- Enter: 2026–27
5. Nature of Income
Specify why you are submitting this form:
- FD Interest
- PF Withdrawal
- Any other applicable income
Example: “Interest from Fixed Deposit”
6. Estimated Income from This Source
- Enter an approximate amount of income
- Example: ₹1,20,000 (FD interest)
Important Tip:
For senior citizens, no TDS is deducted on FD interest up to ₹1 lakh.
If your interest exceeds this, submitting Form 121 helps avoid TDS deduction.
7. Previous Form Submission Details
- Have you submitted this form earlier?
- Select Yes / No
- If Yes:
- Mention the number of times submitted
- Provide the income declared earlier
8. Total Income Calculation
- Add:
- Current income (Point 6)
- Previous declared income (if any)
If no previous submission, just enter current income
9. Estimated Total Income for the Year
Your total income must be below the basic exemption limit.
Under the New Tax Regime, for senior citizens:
- Income should be below ₹4 lakh to avoid tax liability and TDS
10. Last 2 Years ITR Details
- If you have filed ITR:
- Mention:
- Assessment Year (e.g., 2024–25)
- Acknowledgment Number
- Mention:
- If not filed:
- Leave it blank
11. Declaration Section
At the end of the form:
- Enter:
- Your Name
- PAN Number
- Tax Year (2026–27)
- Place
- Date
- Add your Signature
Comprehensive Note on Form 15G&15H_121
Digital Filling Option
You can also:
- Download a fillable version of Form 121
- Fill it directly on your mobile or computer
- Add a digital signature
- Submit without printing
Real-Life Examples (Easy to Understand)
| Person | Income Details | Total Income | Situation | What to Do |
| Mr. Sharma (65) | FD Interest: ₹80,000Other Income: ₹1,50,000 | ₹2,30,000 | Income below ₹4 lakh. No tax | Submit Form 121 (safe & recommended) |
| Mr Sharma (65) | FD Interest: ₹1,50,000Pension: ₹1,80,000 | ₹3,30,000 | Below ₹4 lakh. FD interest above ₹1 lakh | Submit Form 121 to avoid TDS |
| Mrs Gupta (70) | Total Income: ₹5,00,000 | ₹5,00,000 | Cannot use Form 121. Must file ITR & pay tax | Mr Sharma (65) |
| Mr Iyer (68) | Bank A: ₹70,000Bank B: ₹60,000 | ₹1,30,000 | Submitted form in one bank only | Submit Form 121 in both banks |
Common Mistakes to Avoid
| Mistake | Problem | Submit the form at all banks/post offices |
| Late Submission | Provide an accurate income estimate | The bank may deduct TDS |
| Wrong Income Details | Can cause legal or tax issues | TDS is still deducted from other banks |
| Ignoring Other Income | Wrong total income calculation | Include all income sources (FD, pension, rent, etc.) |
| Submitting in One Bank Only | Submit the form in all banks/post offices | Use only if income is below the taxable limit |
| Using When Not Eligible | Penalty or rejection | Submit the form at all banks/post offices |
| Missing Signature | Form becomes invalid | Always sign before submission |
Why Form 121 is Important
Submitting Form 121 ensures:
- No unnecessary TDS deduction
- Better cash flow (no refund waiting)
- Less hassle of filing ITR (if income is below the taxable limit)
Important Reminders
- Only submit if your total income is below the taxable limit
- Provide accurate details to avoid penalties
- Submit at the beginning of the financial year for best results
Form 121 for Senior Citizens (FY 2026–27) – FAQs
What is Form 121?
Form 121 is a new declaration form. It starts in April 2026 for senior citizens aged 60+. It helps prevent unnecessary TDS (Tax Deducted at Source) on income. This includes fixed deposit interest.
Is Form 15H discontinued?
Yes, from FY 2026–27, Form 15H has been replaced by Form 121 for senior citizens.
Who can submit Form 121?
Senior citizens aged 60 years and above whose total income is below the taxable limit can submit Form 121.
Where should Form 121 be submitted?
Form 121 must be submitted to banks and post offices where your income (like FD interest) is generated.
What is the income limit to avoid TDS using Form 121?
Under the new tax regime, senior citizens should keep total income below ₹4 lakh. This helps avoid tax liability and TDS.
Is TDS applicable to FD interest for senior citizens?
No TDS is deducted on FD interest up to ₹1 lakh for senior citizens. If it exceeds this limit, Form 121 helps avoid TDS deduction.
Do I need to fill out the entire Form 121?
No, you only need to fill Part A. Part B will be filled by the bank or post office officials.
Can I submit Form 121 online?
Yes, many banks allow digital submission. You can fill out the form on your mobile or computer and submit it with a digital signature.
Should I submit Form 121 to multiple banks?
Yes, you must submit Form 121 to all banks or post offices where you earn interest income to avoid TDS deduction everywhere.
What happens if I submit incorrect details?
Providing incorrect information can lead to penalties, tax issues, or rejection of the form. Always provide accurate income details.
Is it mandatory to file ITR after submitting Form 121?
No, if your income is below the taxable limit, filing ITR may not be mandatory. However, it is recommended in some cases for record purposes.
Final Thoughts
The introduction of Form 121 simplifies the process for senior citizens to manage their tax declarations. While the change from Form 15H may seem confusing at first, the new format is still clear and easy to fill out.
If you follow the steps above, you can easily submit the form and keep your income safe from additional TDS deductions.
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