This is a big change in the Income Tax Department! This form will have to be filled immediately otherwise the government will deduct the money.

Income Tax New Rule: The new financial year has started and one month has passed. New income tax rules have also come into effect. There is also a rule about which most people are not aware. If you are also not aware of this change then it can harm you. The government can deduct some part from your salary.

This new form has been released

• Income Tax Department has issued a new form regarding TDS.
• If TDS is deducted by banks, post offices and PF institutions, you will have to fill a new form.
• Interest income is also included in this.
• The new Form-121 has replaced the old Form 15G and 15H.
• This is a 4 page form, available on the internet, which is not easy and complicated to fill.
• Earlier, taxpayers had to fill form 15G and senior citizens had to fill form 15H.

Why is it important to fill the form?

• After April 1, 2026, TDS system will remain applicable on all schemes as before.
• The Income Tax Department will deduct 10 percent TDS on the income earned from investment.
• Due to the action of Income Tax Department, less amount will come in your account and to get it you will have to file Income Tax Return (ITR).
• Those who have invested in the name of children and other members, the interest or dividend received on it will be reduced.
• Rent benefits and fixed deposits are also included in this.
• After filling Form 121, you will be exempted from deduction of TDS.

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Who can fill Form 121?

• If the interest amount received on savings accounts is less than Rs 10,000, they will get exemption.
• At the same time, if your total income exceeds the taxable limit then you will not be eligible to fill Form 121.
• Must be a resident of India. Form 121 has to be filled before tax detection.