What is Form 121 and why is it replacing Form 15G and 15H?
Form 121 is a new consolidated declaration form introduced under Section 393(6) of the Income Tax Act, 2025. It replaces the earlier Forms 15G (for individuals and HUFs below 60 years) and Form 15H (for senior citizens aged 60 years and above) with a single unified form.
The purpose remains the same: it allows eligible investors to declare that their total income is below the taxable threshold, so that interest income on Corporate Bonds and Bank fixed deposits is paid without deduction of TDS (Tax Deducted at Source).
| i | The change is effective from 1 April 2026 under the new Income Tax framework. Form 15G and 15H are no longer valid from Tax Year 2026-27 onwards. |
When does this change come into effect?
The new Income Tax framework is effective from 1 April 2026. This means:
• For FY 2025-26 and earlier: Forms 15G and 15H were applicable.
• For Tax Year 2026-27 onwards: Only Form 121 will be accepted by issuers.
Form 121 is officially notified by the Income Tax. Refer to Form 121 Notified and FAQs notified for Form 121.
How will I submit Form 121 through Grip?
You can now submit it online in just a few clicks, with no manual filling. Faster, simpler, and completely seamless.
How to submit Form 121
- Go to My Portfolio ? My Holdings
- Select the 3 dots (?) next to your investment
- Choose Fill Form 121
Click here to fill form 121.
Who is eligible to submit Form 121?
You are eligible to submit Form 121 if you meet all of the following conditions:
• You are an Indian Resident — non-residents are not eligible.
• You are an Individual or a Hindu Undivided Family (HUF).
• The tax on your estimated total income is NIL.
| i | Unlike the earlier regime, Form 121 does not distinguish between investors below 60 and those aged 60 or above — it is a single form for all eligible individuals and HUFs. |
What is the income limit for eligibility under Form 121?
You are eligible to submit Form 121 if your estimated income tax liability for Tax Year 2026-27 is nil — meaning after accounting for all your income from all sources (salary, interest, pension, rent, business income, etc.) and after considering applicable deductions, set-offs of losses, and any rebate available to you, the total tax payable comes to zero.
I am a senior citizen (60 years or above). Do I need a different form?
No. Under the new framework, Form 121 is a single unified form for all eligible individuals regardless of age. The earlier distinction between Form 15G (below 60 years) and Form 15H (60 years and above) no longer applies.
Form 121 includes a field where you will indicate whether you are aged 60 years or more.
What is Grip’s role? Does Grip approve my TDS exemption?
No — Grip does not approve or reject TDS exemption requests. Grip’s role is limited to facilitating and enabling you to forward your completed form to the respective bond issuers.
The acceptance, validation, and approval of Form 121 declarations are solely at the discretion of each individual issuer. The authority to grant TDS exemption lies only with the issuer.
If your form is not approved by an issuer, you can follow up with the issuer.
Will Grip remind me to renew Form 121 each year?
Yes. If your bond investment remains active in the following tax year, Grip will send you a reminder in March via email and in-app notification.
The reminder will include a direct link to submit Form 121 for the new tax year, with your details pre-filled again to keep the process quick.
What happens after Form 121 is submitted?
Once you submit the filled form 121, the form is shared with the issuer marking you in cc. Grip facilitates the submission of form 121 and does not guarantee or be responsible for the acceptance or rejection of the same.
I already submitted Form 15G/15H for FY 2025-26. Do I need to submit Form 121 again?
Yes. TDS exemption declarations are valid only for the financial/tax year in which they are submitted. Your FY 2025-26 exemption does not carry over.
Even if you were fully exempt from TDS for FY 2025-26, you must submit Form 121 separately for Tax Year 2026-27 with all the Issuers. This is an annual requirement.
Will TDS be deducted on my interest payments during the waiting period?
Until a valid Form 121 is accepted by the issuer, TDS at 10% will be deducted on your interest income as per the default requirement.
If your total income for Tax Year 2026-27 is below the taxable limit, you can claim a refund of TDS deducted by filing your Income Tax Return (ITR) for that year. We recommend consulting your tax advisor for guidance specific to your situation.
