Guidelines: How To Fill Form 121 — Field By Field

Form 121, notified via CBDT Notification No. 01/CPC(TDS)/2026 dated March 28, 2026, replaces Forms 15G and 15H to claim TDS exemption on interest income. It comprises two parts:

• Part A - investor-filled declaration
• Part B - issuer-reported details submitted quarterly to the e-filing portal

Part A is filled and signed by the investor to declare nil tax liability on the estimated total income, enabling TDS exemption on interest payments.

Part B is completed by the issuer or payer (e.g., bond company, bank, NBFC) with details like the assigned Unique Identification Number (UIN), payment amounts, and reporting obligations, then submitted quarterly to the Income Tax e-filing portal.

Read the article below to know each field of Part A and how to fill it.

Part A has two sections - “Details of the declarant” and “Details of income”. Let’s understand them one by one.

Section: Details of the Declarant

1. Name: Enter your full name exactly as it appears on your PAN card. No abbreviations.

2. Address: Your current or permanent address as per your KYC/OVD documents. Must include flat/building, road/street, area, district, PIN code, and state.

3. PAN: Your Permanent Account Number. This is mandatory. The declaration is invalid without it.

4. Status: Select "Individual" or "HUF" as applicable.

5. Residential Status: Select "Resident".

1. Age 60 or above? Write "Yes" if your age is 60 years or above at any point of time during the Tax Year 2026-27; 

2. Write "No" if you are below 60.

6. Email ID: Your registered email address linked with your Demat Account.

7. Contact Number: Your mobile number linked to your PAN. Country code: +91.

8. Tax Year: fill 2026-2027.

Section: Details of Income

9. Nature of Income: For Bond and FDs investors on Grip, this is "Interest Income" (interest on securities/interest other than interest on securities).

10. Estimated income for which declaration is made: Enter the estimated interest income you expect to receive from this specific issuer/bond during Tax Year 2026-27. 

11. Other Form 121 declarations filed this year: If you have already filed Form 121 with any other issuer or institution during Tax Year 2026-27 (e.g., a bank, FD, or another bond issuer), select "Yes" and fill fields 11(a) and 11(b). If this is your first Form 121 for the year, select "No".

11(a). Total number of Form 121 filed earlier: Enter the count of Form 121 declarations submitted to other payers so far during Tax Year 2026-27 (not counting this one).

11(b). Aggregate income in those earlier declarations: Enter the total estimated income amount you declared across all those earlier Form 121 submissions.

12. Aggregate income for declaration this year: It is the sum of Field 10 + Field 11(b). It represents the total income across all your Form 121 declarations for the year.

13. Estimated total income for the Tax Year: Enter your gross estimated total income from ALL sources for the full year, including salary/pension, interest from all investments (bonds, FDs, savings accounts), rental income, and any other income. This must be below the taxable limits.

14. ITR details for the previous two years: Fill in your Income Tax Return details for Tax Years 2024-25 and 2023-24:

a. Tax Year

b. ITR Acknowledgement Number (from your ITR filing confirmation) - It is a 15-digit numerical number generated on filing your Income Tax return

c. Taxable income as per your last return

If you have not filed an ITR for a year, please note "Not Applicable" and consult a tax advisor.

Declaration

After reviewing all the fields, sign the declaration confirming that:

(i)  The information provided is true, correct, and complete.

(ii) The income is not includible in any other person's total income.

(iii) Tax on your estimated total income for 2026-27 will be nil.

(iv) Your income declared does not exceed the maximum amount not chargeable to tax.

(v)  You are aware that a false declaration can lead to prosecution under the Income Tax Act.

Please also mention the Place and Date before signing.

FAQ: Form 121

Author: Grip Invest Editorial Team The Grip Invest Editorial Team is a group of Chartered Accountants, MBA (Finance) graduates, and Qualified Research Analysts dedicated to helping you invest smarter. We dive deep into India's fixed income landscape to deliver content that is accurate, up-to-date, and easy to understand. Whether you're exploring bonds, fixed deposits, or other fixed income opportunities, our guides cut through the noise and give you the clarity to make better financial decisions.

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