EPF withdrawal rules: Form 121 replaces Forms 15G and 15H from April 2026

From April 1, 2026, Form 121 replaces Forms 15G and 15H for eligible taxpayers seeking TDS relief on specified income, including qualifying EPF withdrawals. Check who can submit the new declaration, its validity and why it does not automatically make taxable withdrawals tax-free.

Employees planning to withdraw money from their Employees’ Provident Fund (EPF) accounts will need to familiarise themselves with a change in the tax documentation process. From the financial year 2026-27, Form 121 will replace Forms 15G and 15H for eligible individuals seeking exemption from tax deducted at source (TDS) on specified income, including eligible provident fund withdrawals.

The Employees’ Provident Fund Organisation (EPFO) has informed its members of the change, which took effect on April 1, 2026. The new form is intended to simplify the process by removing the need to submit different declarations based on age.

However, the introduction of Form 121 does not mean that all provident fund withdrawals will automatically become tax-free. Members must meet the applicable eligibility conditions to claim relief from TDS.

Form 121 replaces age-based declarations

Previously, individuals below 60 years of age who met the prescribed conditions could submit Form 15G to request non-deduction of TDS. Eligible senior citizens used Form 15H for the same purpose.

Under the revised framework, both forms have been replaced by a single declaration, Form 121. This removes the distinction between the two forms based on the applicant’s age and is expected to make tax compliance more straightforward for eligible taxpayers.

The new form allows individuals to declare that their estimated total income for the relevant financial year will not result in any tax liability, subject to the conditions prescribed under the applicable income tax provisions.

Eligible EPF members can submit the declaration to seek relief from TDS on qualifying withdrawals. The declaration must meet the applicable requirements, and submitting the form does not guarantee exemption if the individual does not satisfy the prescribed conditions.

Who can benefit from Form 121?