If you are an EPF member, a major tax-related change is coming your way. With the rollout of the Income Tax Act, 2025 from April 1, 2026, the Employees' Provident Fund Organisation (EPFO) has introduced a new Form 121, which will now replace the widely used Forms 15G and 15H.
This move aims to simplify the process of avoiding unnecessary TDS (Tax Deducted at Source) deductions for eligible individuals.
📄 One Form Replaces Two
Earlier, taxpayers had to choose between:
- Form 15G – for individuals below 60 years
- Form 15H – for senior citizens (60+ years)
Now, both forms have been merged into a single Form 121, making compliance easier and more streamlined.
👉 This means one unified declaration form for all eligible taxpayers, regardless of age.
👤 Who Should Fill Form 121?
Form 121 is meant for individuals whose total annual income is below the taxable limit, meaning they have zero tax liability.
Eligible users include:
- Resident individuals (below and above 60 years)
- Hindu Undivided Family (HUF)
- Other eligible taxpayers
📌 Condition: Your estimated total income must not be taxable.
❌ Who Cannot Use Form 121?
Not everyone can use this form. It is not applicable for:
- Companies and firms
- NRIs (Non-Resident Indians)
These categories will have to follow separate tax rules.
🧾 What Is Form 121 in Simple Terms?
Form 121 is a self-declaration form where you declare that:
- Your income is below the taxable limit
- You are eligible for no TDS deduction
Once submitted to:
- EPFO
- Banks
- Financial institutions
➡️ TDS will not be deducted, provided you meet eligibility conditions.
🔢 Unique ID System (UIN)
A key feature of Form 121 is the introduction of a Unique Identification Number (UIN).
Each form will include:
- Serial number
- Tax year details
- TAN (Tax Deduction Account Number)
This ensures better tracking, transparency, and compliance.
🔁 What Happens to Old Forms (15G/15H)?
- If you submit Form 15G/15H after April 1, 2026, it won’t be rejected immediately
- However, you may be asked to submit Form 121 later
👉 Gradually, Form 121 will become the standard and mandatory format.
⚙️ Smarter & User-Friendly Features
The new Form 121 has been designed to be more digital-friendly and efficient, offering:
- Auto-fill of details
- Instant error detection
- Dropdown-based inputs
- Easier verification process
These upgrades aim to reduce errors and make filing faster.
📌 Why This Change Matters
This reform is part of the broader tax simplification under the Income Tax Act, 2025.
✔️ Reduces confusion between multiple forms
✔️ Makes TDS exemption easier for low-income individuals
✔️ Improves compliance through digital features
