Big Change for EPF Subscribers: Form 121 to Replace 15G and 15H

Big Change for EPF Subscribers: Form 121 to Replace 15G and 15H

The Employees’ Provident Fund Organisation (EPFO) has made a new rule about how people can avoid tax being deducted from their money (TDS). Earlier, people had to fill out different forms depending on their age. Those below 60 years used Form 15G, and senior citizens used Form 15H.

Now, starting from April 1, 2026, both of these forms have been replaced with just one single form called Form 121. This change was announced in an EPFO circular on April 13.

EPFO stated that “with the phasing out of the Income Tax Act, 1961, and the commencement of the Income Tax Act, 2025…the erstwhile Form 15G and Form 15H have been replaced by a single, consolidated written declaration in Form 121.”

Let’s understand what Form 121 is and what has changed:

What do you understand by Form 121?

Form 121 is a common self-declaration form for everyone who is eligible to request exemption from TDS. Form 121 can be submitted by any resident taxpayer, irrespective of age.

Who can file Form 121?

You can file Form 121 if:

• You are a resident individual (including senior citizens).
• You are a Hindu Undivided Family (HUF).
• You are an eligible entity, like a trust, as long as your income is below the taxable limit.

Key Features of Form 121

1. It replaces both Forms 15G and 15H to simplify the compliance process.
2. It helps to avoid TDS on EPF withdrawals exceeding Rs 50,000 (or a higher rate if PAN is not linked).
3. Generates a Unique Identification Number (UIN) for every submission to ensure transparency and tracking.
4. Requires ITR acknowledgement details from the previous two financial years to determine eligibility.
5. Available online through the official Income Tax Department portal, making the process convenient and accessible.

What’s New for EFP Subscribers?

Starting April 1, 2026, Employees’ Provident Fund (EPF) members will be required to submit Form 121 every financial year if they want to avoid Tax Deducted at Source (TDS) on eligible withdrawals or interest income.

In case the form is not submitted, TDS will be deducted automatically if the withdrawals exceed the prescribed limit

This new rule is aimed at easing the compliance process and reducing the confusion among taxpayers. Earlier, individuals had to check their eligibility and choose between two different forms, which led to errors and uncertainty. The single form is expected to simplify the process and make tax compliance easier.

Here’s what you need to do:

1. Use Form 121 instead of Form 15G or 15H from now on.
2. You must submit this form every financial year if you want to avoid TDS (tax deduction) on the following:

• EPF withdrawals
• Interest earned on deposits

3. If you do not submit the form, the bank or EPF office will deduct TDS on withdrawals above Rs 50,000.