EPF Update 2026: Form 121 Replaces 15G & 15H — Who Should File It?

Balasahana Suresh
The Employees’ Provident Fund Organisation (EPFO) has introduced a major update in 2026 by replacing the old Forms 15G and 15H with a single new declaration form called Form 121. This change is part of the new tax framework under the Income-tax Act, 2025 and aims to simplify TDS exemption rules for EPF members.

What Is Form 121?

Form 121 is a unified self-declaration form used to tell EPFO or banks that your total income is below the taxable limit, so no Tax Deducted at Source (TDS) should be deducted on PF withdrawals or other eligible income.

It replaces:

  • Form 15G (earlier for individuals below 60 years)
  • Form 15H (earlier for senior citizens)
Now, one form applies to everyone.

Who Should File Form 121?

You should file Form 121 if:

  • Your total annual income is below the taxable limit
  • You are a resident individual (any age)
  • You want to avoid TDS on PF withdrawal, interest, or similar income
  • Your estimated tax liability for the year is zero
According to EPFO updates, it is mainly for people who would earlier submit 15G or 15H to avoid TDS on PF-related income.

Who Should NOT File Form 121?

You should NOT file it if:

  • Your income is taxable
  • You are a company, firm, or non-resident
  • You are fine with TDS being deducted and later adjusted in ITR
  • Your income exceeds the basic exemption limit
Where Is Form 121 Used?

Form 121 is commonly used for:

  • PF withdrawals
  • Bank fixed deposit interest
  • Pension income
  • Dividend income
  • Other incomes where TDS may apply
What Happens If You Don’t Submit It?

  • TDS will be deducted as per rules (especially for PF withdrawals above thresholds)
  • You may need to claim a refund later while filing Income Tax Return (ITR)
Key Takeaway

Form 121 is essentially a simplified replacement for 15G and 15H, designed to make tax declarations easier. If your income is below the taxable limit, filing it can help you avoid unnecessary TDS deductions on your PF and interest income.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.

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