Form 121 to replace Forms 15G and 15H from April 2026
In short
From April 1, 2026, Form 121 will replace Forms 15G and 15H for people who want TDS relief on some income, including certain EPF withdrawals.
This matters because it changes the form process for taxpayers. It does not automatically make taxable withdrawals tax-free, and the full rules are not stated in the available reporting.
What the reporting says
From April 1, 2026, Form 121 will replace Forms 15G and 15H for eligible taxpayers seeking TDS relief on specified income, including qualifying EPF withdrawals. The publisher-supplied summary says the new declaration covers who can submit it, its validity and that it does not automatically make taxable withdrawals tax-free. The immediate effect is a rule change for EPF and other eligible income declarations, but the source does not say how many taxpayers are affected.
Why it matters
From April 1, 2026, Form 121 will replace Forms 15G and 15H for eligible taxpayers seeking TDS relief on specified income, including qualifying EPF withdrawals. The summary says the form’s eligibility, validity and limits matter for people claiming reduced tax deduction, but it does not state the detailed conditions. The immediate impact is administrative for taxpayers and EPF withdrawers.