Form 121: Senior Citizen Tax Declaration#
What is Form 121?#
Declaration by senior citizens to avoid TDS.
Eligibility#
- Age 60 years or above
- Income below taxable limit
- Interest income below threshold
Key Differences from 15G#
- For senior citizens
- Higher interest exemption (₹50,000)
Submission#
- Submit to bank/Post Office
- Each financial year
- Before interest credit
Validation#
- Name as per Aadhaar
- PAN mandatory
- Valid mobile/email
Conclusion#
Form 121 helps senior citizens avoid TDS.