How to Fill Form 121 for TDS Declaration in Banks (Step-by-Step Guide)

Many bank customers get confused while filling Form 121 for TDS declarations so a demo form is also available for how to fill form 121 below. This form is used to request banks not to deduct TDS on FD interest or certain eligible income when your total taxable income is below the tax limit.
That is why we have explained this form in very simple language with step-by-step instructions and demo filled images so that anyone can understand easily.

Demo Filled Form 121 – Part A

Sample Filled Form 121 Part A for understanding purpose only.

Step-by-Step: How to Fill Form 121 Easily

1. Step 1: Name – Write your full name exactly as per PAN card.
2. Step 2: Address – Enter your complete residential address clearly.
3. Step 3: PAN Number – PAN is mandatory. Without PAN, higher TDS may be deducted.
4. Step 4: Status – Normally write Individual if you are a normal person filing for yourself.
5. Step 5: Residential Status – Most people will select Resident.
6. Step 6: Email ID and Mobile Number – Write active contact details.
7. Step 7: Tax Year – Mention the correct financial/tax year for which declaration is made.
8. Step 8: Nature of Income – Usually bank FD interest, savings interest, or eligible income.
9. Step 9: Estimated Income – Mention approximate income on which declaration is being filed.
10. Step 10: Total Estimated Income – Write your total estimated yearly income.

Important Things to Remember

• Form 121 is generally submitted to banks to avoid TDS deduction when your taxable income is nil.
• Submit separate Form 121 to each bank if you have FDs in multiple banks.
• Always submit the form before interest credit or financial year beginning.
• Wrong information may create tax issues later.
• Keep a copy or acknowledgement after submission.

Demo Filled Form 121 – Part B

Sample Filled Form 121 Part B and verification section.

You can also see comparison in form 121 vs 15G 15h and also who is eligible to fill form 121.

Frequently Asked Questions (FAQ)

What is Form 121?
Form 121 is a declaration form used to request non-deduction of TDS on eligible income.

Who can submit Form 121?
Resident individuals whose estimated tax liability is nil can generally submit it.

Can senior citizens submit Form 121?
Yes, eligible senior citizens can also submit Form 121.

Is PAN compulsory?
Yes, PAN is mandatory for valid submission.

Can Form 121 be submitted online?
Many banks may allow online submission through net banking.

Final Words

If you are confused about how to fill Form 121 for bank TDS declaration, simply follow the sample images and easy steps given above.
This guide is specially written in simple easy English style so that even beginners, senior citizens, and non-English users can understand without difficulty.

Before submitting the form, always recheck PAN number, income details, and tax year carefully.