Learn what Form 121 is, who is eligible for it, and when and how to fill Form 121 online on Jiraaf.
If you have been closely monitoring your interest income statements recently, you may have noticed a change in the process. For years, Forms 15G and 15H were the go-to declarations for investors looking to prevent Tax Deducted at Source (TDS) on their bonds and fixed deposits. However, with the 2026 tax streamlining updates, Form 121 has emerged as the unified, modern framework for these declarations.
At Jiraaf, we believe that managing your taxes shouldn’t be a hurdle to growing your wealth. To ensure your investment experience remains seamless and tax-efficient, we have integrated the Form 121 generation process directly into our platform.
What is Form 121?
Form 121 is the updated self-declaration form that informs financial institutions and issuers that you are eligible to receive interest income without any TDS deduction. By submitting this form, you are declaring that your total estimated income for the financial year, after all eligible rebates and deductions, falls below the taxable threshold. While the old 15G and 15H forms categorized users by age, Form 121 streamlines the data requirement into a single digital-first workflow. One major update is the inclusion of ITR filing history for the previous two years, which helps the tax department verify your “nil tax” status more effectively.
Who can file Form 121?
Before you begin the process, it is essential to ensure you meet the eligibility criteria for Form 121. This form is a self-declaration, and providing accurate information is a regulatory requirement. You are eligible to file Form 121 if:
- Resident status: You are a Resident Indian individual. (Non-Resident Indians or HUFs have different tax protocols and cannot use this specific form.)
- Income threshold: Your total estimated income for the financial year (after accounting for all eligible deductions and rebates) is below the basic exemption limit
- Asset type: You are receiving interest income from corporate bonds, non-convertible debentures (NCDs), or fixed deposits
- Tax liability: Your net tax liability for the financial year is calculated to be zero
Filling Form 121 on the Jiraaf Website
If you prefer the clarity of a large screen when handling your financial documents, the desktop process is designed for maximum transparency.
Step 1: Navigate to Your Asset
Log in to your Jiraaf dashboard and click on ‘My Investments’. Select the specific bond for which you wish to submit the declaration. Scroll down the investment details page until you see the ‘Generate Form 121’ button.
Step 2: Confirm Asset Details
Clicking the button will take you to a summary page. Here, you will see the asset details. Take a moment to verify that you are generating the form for the correct investment. Once satisfied, click proceed.
Step 3: Fill in Personal and Investment Details
You will now see a page with various fields. To save you time, Jiraaf auto-fills several sections, but some require your manual input:
- Some pre-filled & disabled options are: Estimated income from this asset, the current tax year, and any aggregate income for which declarations were previously made during this specific year, etc.
- Some areas you need to fill are: Total number of Forms 121 filled, Aggregate amount of income, Estimated total income for the financial year, etc.
Step 4: The ITR History Toggle
A standard part of Form 121 is the ITR filing history. You will be asked if you have filed your ITR twice in the past.
If not, select that option, and you can proceed directly to the next page.
If you have, click on that option, and a dropdown will appear. This is an optional step that registers if you paid taxes in the past two years. The tax years will be pre-filled, but you must enter the Acknowledgment Number and the Return Income for those two years.
Step 5: The Declaration
The declaration page will open next. Read the terms carefully. Once you check the box confirming your acknowledgment, click ‘Proceed to Signature’.
Step 6: Verification and Signature
Your signature will be verified to ensure the authenticity of your digital filing. This step serves as your formal confirmation of the details you’ve entered and is a required part of completing the form.
Step 7: Download and Notify Issuer
Once verified, you will be directed to a final page. Here, you can download your completed Form 121. Clicking ‘Download’ will save the document to your device and simultaneously send a copy to your registered email.
Jiraaf also provides a sample email on this page. As the final step, you can copy and paste this content, attach the downloaded form, and send it directly to the issuer to ensure they have it on record.
Step 8: Confirmation
After the process is complete, you will receive a confirmation email from Jiraaf confirming that your Form 121 has been generated. Note that you can regenerate and download this form again from your dashboard as and when required.
Filling Form 121 on the Jiraaf App
For investors on the move, the Jiraaf mobile app offers the same comprehensive workflow optimized for a smaller screen.
- Open the app: Navigate to the ‘Investment Details’ of your particular bond
- Find the button: Scroll to the very bottom of the screen to find ‘Generate Form 121’
- Confirm and fill: Verify the asset details and fill in the required fields
- ITR history: Enter your ITR acknowledgment numbers and return income if you have filed in the past two years
- Declaration & signature: Review the declaration. This step serves as your formal confirmation of the details you’ve entered and is a required part of completing the form
- Finalize: Download the form and use the provided sample email to notify the issuer
When Should You Fill Form 121?
To ensure the best results, it is recommended to fill out Form 121 once your investment is confirmed and before the first interest payout of the financial year.
While the form can be submitted at any point during the year, doing so early in the investment cycle or at the very start of the new financial year (around April) ensures that the issuer has your declaration on file well before they calculate TDS. If the form is submitted after an interest payment has already been processed, the TDS for that specific period will have already been deducted and deposited with the tax authorities.
Summary Table: What’s New in Form 121?
| Feature | Old (15G/15H) | New (Form 121) |
| User Category | Split by age (senior vs. non-senior) | Unified digital-first form |
| ITR History | Not always required for the form itself | Disclosure of past 2 filings (even non-consecutive) |
| Platform | Manual or basic digital | Integrated into Jiraaf with pre-filled asset data |
| Acknowledgement | Physical or e-sign | Integrated verification and auto-download |
Wrapping Up
Form 121 represents a step forward in making Indian tax compliance more transparent and data-driven. By integrating this into the Jiraaf platform, we have removed the additional paperwork hurdles and replaced them with a simple, digital journey.
By keeping your declarations up to date, you can ensure that your investment returns remain tax-efficient throughout the year. Log in to your Jiraaf account today to view your investment details and manage your tax declarations with ease.
