Form 121: Tax Declaration for Non-Deduction#
What is Form 121?#
Self-declaration to avoid TDS on interest.
When to Use?#
- Total income below taxable limit
- Interest from bank/POST office
- No tax liability
Who Can Submit?#
- Individual below 60 years
- HUF
Not for#
- Senior citizens (use Form 121)
Submission#
- Submit to bank/Post Office
- Each financial year
- Before interest payment
Conclusion#
Form 121 prevents TDS on low income.